OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Vantage Risk Ltd. (Bermuda) and its affiliates, Vantage Risk Specialty Insurance Company and Vantage Risk Assurance Company (both domiciled in Wilmington, DE), which do business as Vantage Group, remain unchanged following an announced leadership change.
Marc Grandisson, former CEO of Arch Capital Group Ltd. [NASDAQ: ACGL], has been appointed executive chairman of Vantage Group Holdings Ltd. (Vantage). Additionally, David Gansberg, former president of Arch Capital Group Ltd., has been appointed CEO of Vantage. Grandisson’s appointment is effective immediately; however, Gansberg’s appointment will not take effect until June 2027. Until then, Grandisson will work with Vantage’s founding CEO, Greg Hendrick, through the transition.
The appointments offer additional experienced industry leadership to the Vantage Group. While the transition represents a notable governance change following Howard Hughes Holdings Inc.’s [NYSE: HHH] acquisition of Vantage, the group’s balance sheet strength, operating performance, business profile, and enterprise risk management assessments remain unchanged. Additionally, the outlooks of these ratings remain positive.
AM Best will continue to monitor the leadership transition through the remainder of Hendrick’s tenure and Gansberg’s transition into the new role, and potentially take rating action should any developments impact Vantage’s creditworthiness.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
The Euro to Pound (EUR/GBP) exchange rate is trading around 0.8506 after a sharp Sterling rally pushed the pair to its lowest levels since earlier this year. EUR/GBP has fallen from the 0.86 area at the start of July to a low near 0.8455 before recovering modestly.
Latest — Exchange Rates:
Euro to Pound (EUR/GBP): 0.850942 (+0.20%)
Pound to Dollar (GBP/USD): 1.34433 (-0.25%)
Euro to Dollar (EUR/USD): 1.143946 (-0.04%)
ING believes the recent Pound surge has been driven largely by positioning adjustments rather than a fundamental reassessment of the UK economy, leaving Sterling vulnerable to a reversal.
The bank notes that the Pound’s rally followed a major unwinding of short positions, with investors previously holding their largest bearish Sterling exposure since 2017.
According to ING, EUR/GBP at current levels remains around 1.5% undervalued according to its short-term fair value model.
The bank argues that low FX volatility is masking potential risks across currency markets, with compressed volatility encouraging carry trades and allowing recent trends to persist. However, ING warns that volatility could rise from current historically low levels.
For Sterling, the key risk is that the short-covering boost fades. ING expects EUR/GBP to recover towards 0.8700 by the end of the summer as markets return focus to UK fundamentals and Bank of England expectations.
The bank also believes front-end UK rate pricing looks too aggressive, with markets currently pricing around 35 basis points of tightening by year-end despite ING’s view that the Bank of England is more likely to remain on hold.
A sustained break above the recent EUR/GBP lows may therefore prove difficult to maintain as the impact of positioning shifts begins to fade.
Pound Sterling Prices: This Week USDEURGBPJPYCADAUDNZDCHFUSD -0.06%-0.23%+0.03%-1.07%-0.56%-1.42%+0.02%EUR+0.06% -0.17%+0.09%-1.01%-0.50%-1.36%+0.08%GBP+0.23%+0.17% +0.26%-0.84%-0.33%-1.19%+0.25%JPY-0.03%-0.09%-0.26% -1.09%-0.59%-1.45%-0.01%CAD+1.08%+1.02%+0.85%+1.11% +0.51%-0.36%+1.10%AUD+0.56%+0.50%+0.33%+0.59%-0.51% -0.86%+0.58%NZD+1.44%+1.38%+1.21%+1.47%+0.36%+0.87% +1.46%CHF-0.02%-0.08%-0.25%+0.01%-1.09%-0.58%-1.44% The FX heat map compares how Pound Sterling (GBP) has performed against a basket of major currencies over the past week. The largest move was against the New Zealand Dollar, where Pound Sterling recorded its sharpest decline. Data comparing prices today (17/07/2026 15:49 UTC) and daily close on 10/07/2026.
To read the table, choose the base currency from the left-hand column and then move across to the quote currency along the top row. For example, the GBP row and USD column shows the weekly percentage move in GBP/USD.
The Euro to Dollar (EUR/USD) exchange rate is trading around 1.1440 after recovering from June lows near 1.1325, but Goldman Sachs believes options markets are signalling renewed downside risks for the pair.
EUR/USD has remained relatively stable through July, gaining around 0.3% so far this month after falling more than 2% in June.
Goldman Sachs highlights developments in the options market, particularly swaptions, as a warning that investors may be preparing for greater downside exposure in the Euro-Dollar pair.
The bank argues that while EUR/USD has been supported by a period of Dollar weakness and reduced expectations for aggressive Federal Reserve tightening, the balance of risks has become less favourable for the Euro.
A key concern is that markets may have become too comfortable with the recent range-bound environment. Renewed volatility, changes in interest-rate expectations or a return of Dollar demand could quickly challenge EUR/USD support.
Goldman Sachs continues to monitor the interaction between rates markets and currency positioning, with options pricing suggesting investors are increasingly willing to protect against a move lower.
The Euro also faces challenges from the broader macro backdrop. While expectations for further European Central Bank tightening have provided some support, growth concerns and energy-related risks remain potential headwinds.
With EUR/USD currently holding close to the 1.14 area, Goldman Sachs sees the options market as highlighting the possibility that the next significant move could be lower rather than a continuation of the recent recovery.
Daily Spot Gold (XAU/USD) Gold confirms the picture. Spot gold rose Friday but is still tracking its worst week since early June. If gold cannot rally when Iran and the United States are exchanging military strikes, silver’s safe-haven bid is not a factor. Silver moves harder than gold in a selloff like this. It always has. The rate trade is running the metals complex and the direction is against both of them.
Correction From $100 Is Not Done Silver traded above $100 per ounce in January before this correction started. After a run that extreme, traders take profits faster and chase rebounds less, especially when the fundamental backdrop shifts against them. Friday’s modest recovery looked more like bargain hunting after a sharp decline than any kind of reversal buying.
Demand from solar panels, electronics, electric vehicles and data-center buildouts still provides a longer-term floor. But that floor has not mattered for 13 weeks. Rates, the dollar and crude are all moving against silver, and industrial demand is not enough to offset a liquidation this broad. Leveraged longs are still unwinding and the market does not need a demand collapse to keep falling. It only needs buyers to keep stepping aside.
The air-taxi trade has come undone this year, it seems. Shares of Joby Aviation (NYSE:JOBY | JOBY Price Prediction), Archer Aviation (NYSE:ACHR), and EHang Holdings (NASDAQ:EH) have all slid sharply this year, with drawdowns spanning 40% to over 60%. The question for investors is whether the group is damaged beyond repair or simply oversold.
As of Friday, July 17, Joby stock is down 45% year to date (YTD), Archer stock is down 40%, and EHang stock is down 62%. The pain is fresh, not just a January flush; over the past month, Joby shares fell 22%, Archer shares dropped 16%, and EHang shares slid 28%.
None of the three names are profitable on a trailing 12-month basis. All are still burning cash to fund flight testing, regulatory certification, and manufacturing scale-up while commercial revenue remains modest. Market values are already spread wide: Joby carries a $7.2 billion market cap, Archer $3.47 billion, and EHang just $288 million.
The Why Behind the De-rating No single headline is driving this move. The market has repriced the entire pre-revenue electric vertical takeoff and landing (eVTOL) cohort as risk appetite for speculative growth thinned out. Long FAA and EASA certification runways, dilution risk from repeated equity raises, and persistent operating losses have made these stocks harder to hold.
The numbers make the bear case for themselves. Joby reported a Q4 2025 operating loss of $206.78 million and R&D of $161.26 million, alongside FY 2026 revenue guidance of $105 million to $115 million. Archer’s Q1 2026 net loss widened to $217.7 million from $93.4 million year over year (YoY) on revenue of just $1.6 million. Meanwhile, EHang delivered four EH216 aircraft in Q1 2026, versus 66 in Q4 2025, and revenue collapsed to $3.79 million against a $132.96 million estimate.
Where Each Name Stands Joby is the best-capitalized of the three. The company ended Q4 2025 with $1.41 billion in cash and added roughly $1.2 billion in equity and convertible debt in February. Partnerships with Uber Technologies (NYSE:UBER), Toyota Motor (NYSE:TM), and L3Harris Technologies give the story reach. Joby Aviation CEO JoeBen Bevirt has framed 2026 as “a key inflection point” ahead of first passenger service in Dubai.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Joby Aviation didn't make the cut. Grab the names FREE today.
Archer sits on roughly $1.8 billion in liquidity and is the first eVTOL company to close Phase 3 of the FAA’s four-phase Type Certification. It’s the Official Air Taxi Provider of the LA28 Olympic Games and has layered in partnerships with NVIDIA (NASDAQ:NVDA), Palantir Technologies (NASDAQ:PLTR), and privately held Anduril. However, several C-suite executives sold Archer stock in May to cover restricted stock unit tax obligations, adding to the negative optics.
EHang is the smallest and, possibly, the most fragile of the three companies mentioned here. EHang’s cash and equivalents have fallen to $23.66 million, and Q1 deliveries collapsed after a record Q4 that included the company’s first GAAP profitable quarter. Yet, EHang still holds the world’s first full suite of airworthiness certifications for a pilotless human-carrying eVTOL, and the board approved a $30 million buyback in June, plus expansion flights in Thailand, Mexico, and Rwanda.
What to Watch Now The bull case isn’t dead for these stocks. Sell-side analysts still carry a median Joby stock price target of $11.01, implying 52% upside from current levels, with a split of 3 buys, 5 holds, and 3 sells. The order books remain intact, certification progress is real, and the White House eVTOL Integration Pilot Program provides a modest policy tailwind for the U.S. names.
The bear case is simpler, though. Without visible revenue ramps, more dilution is likely, and each quarter of delay compresses the equity story. Investors should consider keeping their position sizes modest and treating these as venture-style bets within a diversified portfolio.
Traders can watch for whether Joby launches in Dubai, whether Archer begins U.S. commercial operations later this year as management has guided, and whether EHang’s back-loaded 2026 delivery schedule actually materializes. Those three catalysts, along with macro-level headlines, may decide whether the group is oversold or destined for further declines.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Joby Aviation didn't make the cut. Grab the names FREE today.
Information in Investor’s Business Daily is for informational and educational purposes only and should not be construed as an offer, recommendation, solicitation, or rating to buy or sell securities. The information has been obtained from sources we believe to be reliable, but we make no guarantee as to its accuracy, timeliness, or suitability, including with respect to information that appears in closed captioning. Historical investment performances are no indication or guarantee of future success or performance. Authors/presenters may own the stocks they discuss. We make no representations or warranties regarding the advisability of investing in any particular securities or utilizing any specific investment strategies. Information is subject to change without notice. For information on use of our services, please see our Terms of Use.
*Real-time prices by Nasdaq Last Sale. Real-time quote and/or trade prices are not sourced from all markets. Ownership data provided by LSEG and Estimate data provided by FactSet.
IBD, IBD Digital, IBD Live, IBD Weekly, Investor's Business Daily, Leaderboard, MarketDiem, MarketSurge and other marks are trademarks owned by Investor's Business Daily, LLC.
New York, New York--(Newsfile Corp. - July 17, 2026) - Kaplan Fox & Kilsheimer LLP is investigating potential securities violations against GoDaddy Inc. ("GoDaddy" or the "Company") (NYSE: GDDY).
CLICK HERE TO RECEIVE MORE INFORMATION ABOUT THIS INVESTIGATION
If you are a GoDaddy investor and have suffered losses, or if you have information that could assist in the GoDaddy investigation, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
On February 24, 2026, after markets closed, GoDaddy reported fourth quarter and full year 2025 financial results. During the Company earnings call to discuss the results, GoDaddy disclosed the "introduc[tion] [of] a promotional price for dotcom domains with a one year term" in the fourth quarter. Further, GoDaddy's Chief Financial Officer stated "the demand for this offer was greater than [the Company] expected and the shift in term mix combined with the promotional price reduced upfront bookings and near-term revenue." The Company "also anticipate[s] a modest impact on reported revenue growth rates for the year in both Core Platform and A&C segments as the promotional price is allocated to all products included in the initial purchase."
The first trading day following this news, the price of GoDaddy stock fell $13.18 per share, over 14%, to close at $79.12 per share on February 25, 2026.
WHY CONTACT KAPLAN FOX?
Kaplan Fox & Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.
Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America-the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act-$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.
For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Past results do not guarantee future outcomes.
If you have any questions about this investigation, please contact:
Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.
Key Takeaways CBOE leads on valuation, price gains, growth estimates and analyst sentiment.Recurring revenues and global diversification support CBOE's long-term growth.Nasdaq benefits from non-trading growth, technology expansion and strategic acquisitions. Rising market volatility, pro-growth U.S. policies under President Donald Trump, wider digital-asset adoption, exchanges’ continued diversification beyond traditional trading and increasing retail investor participation are set to shape the industry’s outlook. Against this backdrop, let’s assess which company offers stronger long-term growth prospects — Cboe Global Markets (CBOE - Free Report) or Nasdaq (NDAQ - Free Report) .
Cboe Global Markets holds a dominant position in the U.S. listed options market through its ownership of multiple options exchanges, consistently maintaining the industry's leading market share.
On the other hand, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information and public and private company services.
The Case for CBOECboe Global has developed a well-diversified business through acquisitions and international expansion. Its operations span European equities and derivatives, foreign exchange venues and clearing infrastructure, reducing dependence on any single asset class or geography. Recurring revenues from proprietary market data, index licensing and technology solutions provide stability during periods of softer trading activity, supported by attractive margins and high customer switching costs.
Strong volumes across index options, European equities and foreign exchange continue to support transaction-fee growth, while the Data Vantage segment is expanding recurring revenues. Reflecting this momentum, management raised its 2026 organic net revenue growth outlook to the low-double-digit to mid-teens range and increased its Data Vantage growth target to the low double digits.
Strategic acquisitions and investments are further expanding CBOE’s global reach, product offerings and capital markets infrastructure. The company is also pursuing opportunities in digital assets, carbon markets and next-generation trading technologies while launching innovative derivatives products to address evolving customer needs.
Meanwhile, management is streamlining the portfolio and improving efficiency. The planned divestitures of its Canada and Australia exchanges are expected to lower adjusted operating expenses in 2026.
Cboe Global’s disciplined capital allocation, strong balance sheet and robust free cash flow support growth investments and shareholder returns. The company has raised its dividend for 15 consecutive years and retains $569.4 million under its share-repurchase authorization, highlighting its commitment to returning capital to shareholders.
The Case for NDAQNasdaq operates a diversified business model extending well beyond its traditional exchange operations. Its Market Services segment, covering equities, options and derivatives, benefits from higher trading volumes and market volatility. Meanwhile, Market Technology is expanding annual recurring revenues through subscription-based products and long-term contracts. Cross-selling complementary solutions and integrating acquisitions are also strengthening customer retention and improving revenue visibility.
Organic growth is supported by Nasdaq’s expanding non-trading businesses, including Trading Services and Marketplace Technology, Data and Listing Services, Index, Workflow & Insights and Anti-Financial Crime solutions. These recurring revenue streams have increased the stability and resilience of its overall business mix.
Targeted acquisitions have strengthened Nasdaq’s competitive position by facilitating entry into Canadian equities, broadening its technology capabilities and enhancing market-surveillance offerings. The company is also using advanced technologies and artificial intelligence to modernize market infrastructure and develop innovative solutions for clients.
Nasdaq’s solid balance sheet and steady operating cash flows provide flexibility for shareholder returns and growth investments. Management plans to raise the dividend payout ratio to 35%-38% by 2027 and resume share repurchases to offset dilution related to the Adenza acquisition. Its capital-allocation priorities remain focused on reducing leverage, funding organic growth, pursuing strategic acquisitions, increasing dividends and executing buybacks.
Estimates for CBOE and NDAQ The Zacks Consensus Estimate for CBOE’s 2026 and 2027 revenues implies a 15% and 2.9% year-over-year increase, respectively. EPS estimates for 2026 and 2027 imply a 27.1% and 5.5% year-over-year increase, respectively. EPS estimates for 2026 and 2027 have moved up 1.5% and 1.6%, respectively, in the past 30 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NDAQ’s 2026 and 2027 revenues implies a 10.1% and 7.7% year-over-year increase, respectively. EPS estimates for 2026 and 2027 indicate a 12.6% and 13.4% year-over-year increase, respectively. EPS estimates for 2026 and 2027 have moved up 1% and 2.1%, respectively, in the past 30 days.
Image Source: Zacks Investment Research
Price Performance of CBOE and NDAQCBOE shares have gained 10.7% year to date, while NDAQ shares have lost 3% in the same time.
Image Source: Zacks Investment Research
Are CBOE and NDAQ Shares Expensive?CBOE is trading at a forward 12-month price-to-earnings multiple of 20.1, lower than its median of 27.1 over the past five years. NDAQ’s forward 12-month price-to-earnings multiple sits at 22.71, slightly higher than its median of 22.19 over the past five years.
Image Source: Zacks Investment Research
ConclusionA diversified business mix with recurring revenues, accelerated growth banking on recurring non-transaction revenues, use of technology and prudent buyouts poise CBOE well for growth.
Nasdaq is set to grow on impressive organic growth, an increasing on-trading revenue base and strategic buyouts to capitalize on market opportunities. Nasdaq’s focus on Market Technology and Information Services businesses helps explore vast opportunities through its developmental strategies.
Price appreciation, valuation, growth estimate and analyst sentiment give CBOE an edge over NDAQ. CBOE carries a Zacks Rank #2 (Buy) and has a VGM Score of A. NDAQ carries a Zacks Rank #3 (Hold) and has a VGM Score of C. Thus, CBOE is better placed than NDAQ. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Ralph Lauren is benefiting from premiumization, brand elevation and robust DTC momentum.RL's Next Great Chapter strategy focuses on digital growth and expansion in key markets.RL has outperformed its industry as stronger margins and brand investments drive results. Ralph Lauren Corporation (RL - Free Report) stock has gained roughly 34% over the past year, significantly outperforming the broader market. The rally has been driven by the company’s strong execution of its strategy, robust demand across key markets and consistent improvements in profitability. RL’s focus on premiumization and brand elevation has further strengthened its competitive position.
The company has also benefited from the continued strength of its direct-to-consumer business. Solid growth across both retail stores and digital channels has boosted comparable sales, while strategic investments in customer engagement, marketing and personalized shopping experiences have helped attract younger consumers and reinforce brand loyalty. It continues to invest in premium products and brand-building initiatives while reducing its reliance on promotions and discounts. Higher full-price sales and improved product mix have enhanced pricing power, supporting margin expansion and driving stronger earnings growth.
Ralph Lauren’s Next Great Chapter initiative serves as the foundation of its growth strategy, emphasizing brand elevation, consumer centricity and operational agility. This strategy is designed to create a more balanced global footprint by expanding into high-growth markets, such as Asia, while strengthening its presence in core regions. The company continues to execute its “Next Great Chapter: Drive Plan,” which focuses on elevating and energizing the lifestyle brand, driving the core and expanding into higher-potential categories, and winning in key cities with its consumer ecosystem.
Digital sales account for an increasingly larger share of Ralph Lauren’s revenues, supported by its ongoing investments in personalization, enhanced mobile capabilities and integrated loyalty programs. These initiatives are aimed at strengthening customer engagement and expanding the brand’s appeal among younger and more diverse consumer groups.
Ralph Lauren continues to optimize its distribution network, deepen relationships with wholesale partners and enhance its retail footprint to reinforce its premium positioning. By balancing the expansion of its direct-to-consumer business with a disciplined approach to distribution, the company is strengthening brand equity and creating a seamless shopping experience across channels.
What’s More for Ralph Lauren?All the aforesaid efforts have been driving the company’s performance for a while. Ralph Lauren’s shares have outperformed the industry’s 8.6% decline over a year.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for RL’s fiscal 2027 and fiscal 2028 earnings per share (EPS) indicates year-over-year growth of 10.5% each. The company’s EPS estimate for both fiscal years has moved north in the past 60 days. The Zacks Consensus Estimate for RL’s fiscal 2027 and fiscal 2028 sales indicates year-over-year growth of 6.7% and 5.9%, respectively. Hence, this sparks optimism about this Zacks Rank #3 (Hold) stock.
Key Picks in the Consumer Discretionary SpaceDuluth Holdings Inc. (DLTH - Free Report) , which deals in casual wear, workwear and accessories for men and women, currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Duluth Holdings delivered a trailing four-quarter earnings surprise of 107.5%, on average. The Zacks Consensus Estimate for DLTH’s current financial-year EPS indicates a decline of 11.6% from the year-ago number.
Columbia Sportswear Company (COLM - Free Report) , which engages in the sourcing, marketing and distribution of outdoor and active lifestyle apparel, footwear, accessories and equipment, currently carries a Zacks Rank #2 (Buy).
COLM delivered a trailing four-quarter earnings surprise of 44.1%, on average. The Zacks Consensus Estimate for Columbia Sportswear’s current financial-year sales indicates growth of 2.6% from the year-ago number.
Crocs, Inc. (CROX - Free Report) , which is a leading footwear company, currently carries a Zacks Rank of 2. CROX delivered a trailing four-quarter earnings surprise of 13.6%, on average.
The Zacks Consensus Estimate for Crocs’ current financial-year EPS indicates a rise of 9.3% from the year-ago number.
New York, New York--(Newsfile Corp. - July 17, 2026) - Bronstein, Gewirtz & Grossman, LLC, a nationally recognized investor-rights law firm, announces that a class action lawsuit has been filed against Helen of Troy Limited (NASDAQ: HELE) and certain of its officers.
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Helen of Troy securities between April 24, 2024 and October 8, 2025, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/HELE.
Helen of Troy Case Details
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that:
Helen of Troy overstated the success and benefits of its Project Pegasus initiative, touting the "fuel" it was generating while downplaying issues such as "implementation hiccups" at its Tennessee distribution center and assuring investors that the project was progressing and delivering cost-saving efficiencies; in reality, Project Pegasus was not delivering the efficiencies Defendants claimed, as the Company lacked sufficient resources and budget to achieve its stated restructuring and cost-savings goals; and as a result, Defendants' statements about the Company's business, operations, and prospects were materially false and misleading at all relevant times.What's Next for Helen of Troy Investors?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/HELE, or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 917-590-0911. If you suffered a loss in Helen of Troy you have until August 3, 2026, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
No Cost to Helen of Troy Investors
We, Bronstein, Gewirtz & Grossman LLC, represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman, LLC for Helen of Troy Securities Class Action?
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide. More at www.bgandg.com
"Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace," said Peretz Bronstein, Founding Partner of Bronstein, Gewirtz & Grossman, LLC.
Follow us for updates on LinkedIn, X, Facebook, or Instagram.
Attorney advertising.
Prior results do not guarantee similar outcomes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300153
Source: Bronstein, Gewirtz & Grossman, LLC
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
Key Takeaways DOCS is expanding AI with rising physician use and early AI Search contracts with top-20 pharma companies.Doximity's Clinical AI Suite now serves 140 health systems, supporting retention and cross-selling.DOCS expects AI investment to trim margins as regulatory reviews delay meaningful revenue contribution. Doximity (DOCS - Free Report) is entering a pivotal phase as it accelerates investments in artificial intelligence to expand beyond its core physician engagement platform. While robust physician adoption, growing enterprise AI deployments and exceptional cash generation strengthen its long-term outlook, a sluggish pharma advertising market, rising AI investments and commercialization risks could temper near-term financial performance.
Shares of this Zacks Rank #3 (Hold) company have lost 49.8% so far this year compared with the industry's 5.6% decline and the S&P 500 Index’s 10.9% rise.
Doximity, with a market capitalization of $4.07 billion, is a global specialty medical device company.
DOCS’ bottom line is estimated to improve 3.8% over the next five years. Its earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 7.99%.
Image Source: Zacks Investment Research
What's Driving DOCS’ Performance?AI Platform Is Rapidly Becoming Doximity's Next Major Growth Engine: Doximity is positioning artificial intelligence as its largest long-term monetization opportunity. Since acquiring Pathway, AI Search and AI Scribe users have tripled, while nearly half of all active prescribers now use the company's AI tools.
Management has already signed its first AI Search contracts with top-20 pharmaceutical companies and believes AI Search alone represents a multibillion-dollar incremental addressable market beyond its existing pharma advertising business. The combination of physician engagement, hospital adoption and early customer interest suggests Doximity is building a differentiated AI ecosystem that could materially expand revenues over the next several years rather than simply enhancing existing products.
Deepening Health System Integration: Doximity's growing integration into hospital workflows is making its platform increasingly indispensable to physicians. Nearly half of all U.S. doctors now work at health systems using Doximity's workflow or scheduling tools, while 140 health systems, including seven of the top 20 U.S. hospitals, have adopted its Clinical AI Suite.
Management emphasized that more than 250,000 prescribers now access AI capabilities through HIPAA-compliant enterprise deployments, creating a significant barrier for competitors. As hospitals increasingly prioritize secure AI environments over public AI tools, Doximity's trusted infrastructure, physician network and enterprise relationships should support higher customer retention and expanding cross-selling opportunities across workflow, telehealth and AI solutions.
Record Physician Engagement: Doximity continues to strengthen the core asset underpinning its business — physician engagement. Workflow usage increased approximately 30% year over year, reaching more than 800,000 quarterly active prescribers, representing one of the strongest engagement accelerations in the company's history. AI usage is growing even faster, with users nearly doubling their monthly query activity since January.
Higher engagement not only strengthens customer loyalty but also increases the value of Doximity's advertising, workflow and AI offerings to pharmaceutical companies and health systems. Management believes sustained engagement growth will eventually translate into stronger revenue expansion, particularly as new AI-powered commercial products become more widely adopted across its physician network.
What’s Weighing on DOCS Stock?Core Pharma Advertising Market Remains Weak: The biggest near-term challenge for Doximity remains the soft healthcare professional (HCP) digital advertising market. Management acknowledged continued policy uncertainty, macroeconomic risks and shorter pharmaceutical budgeting cycles, causing many customers to delay spending commitments and favor shorter-duration contracts.
The company expects the overall HCP digital advertising market to grow only around 5% or less during fiscal 2027, significantly below historical levels. Although Doximity continues to outperform many peers, sluggish industry spending limits visibility and reduces opportunities for traditional advertising growth. Until pharmaceutical companies regain confidence and commit to longer-term marketing budgets, revenue acceleration is likely to remain constrained.
AI Monetization Will Pressure Margins: While AI represents Doximity's largest long-term opportunity, management expects fiscal 2027 to be an investment year rather than a significant earnings contributor. The company plans to substantially increase spending on AI compute, engineering talent, brand marketing, and product development, resulting in adjusted EBITDA margins declining from 55% in fiscal 2026 to approximately 49% in fiscal 2027.
Management also expects minimal AI revenue contribution during the first half because regulatory reviews and customer implementation timelines will delay commercialization. Consequently, the company could face a period of elevated expenses without commensurate revenue growth, increasing execution risk if AI adoption progresses more slowly than anticipated.
Commercial Success Depends on Regulatory and Customer Adoption of AI: Although customer interest in AI Search appears strong, commercialization remains at a very early stage. Management acknowledged that pharmaceutical companies must complete extensive medical, legal and regulatory reviews before campaigns can be deployed, creating longer implementation timelines than traditional advertising products.
Because Doximity launched the commercial offering only recently, management expects most of the financial benefits to materialize in the second half of fiscal 2027. Delays in regulatory approvals, customer onboarding, or campaign execution could defer revenue recognition. Given management's expectation that AI Search will become a major future growth driver, slower-than-expected commercialization would likely weigh on investor expectations.
Estimate TrendThe Zacks Consensus Estimate for fiscal 2027 revenues is pegged at $670.2 million, implying growth of 3.9% from the year-ago reported figure. The consensus mark for adjusted EPS is pinned at $1.39, indicating a decline of 8.6% from the previous year’s recorded level.
In the past 60 days, DOCS’ earnings estimate for fiscal 2027 has remained stable.
Stocks to ConsiderSome better-ranked stocks from the broader medical space are Alcon (ALC - Free Report) , Intuitive Surgical (ISRG - Free Report) and Cardinal Health (CAH - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Alcon reported first-quarter 2026 earnings per share of 85 cents, which beat the Zacks Consensus Estimate by 6.3%. Revenues of $2.69 billion surpassed the Zacks Consensus Estimate by 0.3%.
Alcon has an estimated long-term earnings growth rate of 11.5%. ALC’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 3.66%.
Intuitive Surgical reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%.
Intuitive Surgical has an estimated long-term earnings growth rate of 14.3%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.
Cardinal Health reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%.
Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.3%.
Americké akciové indexy se drží v záporném teritoriu v čele s technologickým Nasdaqem, který oslabuje o 1,2 %, širší index S&P500 oslabuje o bezmála 0,9 %. Relativně nejlépe si stojí tradiční index Dow Jones se ztrátou -0,6 %.
Děje se tak na pozadí další eskalace konfliktu s Íránem, která zvyšuje obavy z narušení dodávek přes Hormuzský průliv a tlačí ceny ropy vzhůru o více než 4 %. Současně přetrvává vysoká volatilita v technologickém sektoru, především v polovodičovém segmentu, kde investoři zpochybňují vysoké valuace, udržitelnost současné poptávky po čipech a návratnost mimořádně vysokých kapitálových výdajů do AI infrastruktury. Nejistotu dále zvýšilo uvedení modelu Kimi K3 čínského startupu Moonshot AI, který podle prvních benchmarků dosahuje špičkových výsledků v programování a agentních úlohách a v některých dílčích testech překonává vybrané americké modely. V celkovém hodnocení však podle samotného výrobce za nejsilnějšími proprietárními modely nadále zaostává.
Všechny segmenty S&P500 vyjma energií (+1,1 %) dnes ztrácí. Nejhorší výkonnost vykazují komunikační služby (-2,6 %). Energetický sektor těží růstu ceny ropy o 4% na 82,1 USD/barel a zemního plynu o 2 % na 2,92 USD/mmbtu.
Daří se relativně i bezpečným přístavům. Zlato zpevňuje o 0,9 % a posunuje se těsně nad hladinu 4000 USD/oz, stříbro přidává 0,8 % s obchody u 56 USD/oz úrovně. Dluhopisy mírně zpevňují vyjma nejkratších splatností. Výnos 10letého vládního bondu se pohybuje na 4,55 % (vs. 4,57 % včera).
Větší individuální pohyby S&P500 konstituentů dnes vidíme na klesající straně, a to po výsledkových zklamáních. Nejhůře si stojí výrobce robotických chirurgických systémů, spol. Intuitive Surgical (ISRG -13 %). V čele poražených se po kvartálním report drží i přední streamovací společnost Netflix (NFLX -7 %). Svými výsledky naopak potěšila pojišťovna Travelers (TRV +8,3 %).
Index S&P 500 -0,88 % na 7467,76 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Energie +1,1 % Komunikační služby -2,6 % Reality -0,2 % Zbytná spotřeba -1,5 % Průmysl -0,3 % Nezbytná spotřeba -0,9 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Travelers Cos (TRV) +8,3 % Intuitive Surgical (ISRG) -13 % Seagate Technology Holdings (STX) +5,5 % Cadence Design Systems (CDNS) -11 % Lumentum Holdings (LITE) +4,3 % Synopsys (SNPS) -10 % Casey's General Stores (CASY) +3,4 % Netflix (NFLX) -7,0 % HP (HPQ) +3,2 % Axon Enterprise (AXON) -5,4 %
David Lamač, Fio banka, a.s.
Venice AI updates its token economics: introduces a buyback mechanism and raises the supply cap for DIEM.
Venice AI has issued an announcement updating its token economics, with two primary changes: First, a new programmed burn mechanism: For every $100 worth of API credits purchased, $5 will be allocated to buy VVV on the open market and permanently burn the tokens. Second, DIEM’s supply target has been raised for the first time, from 38,000 to 40,000 (an increase of 2,000 units). The adjustment will be rolled out in phases, with the full target expected to be achieved by September 14.
3 hours ago
Trump Media Company prices exclusive early access to Trump’s posts at $100,000 per month.
According to the Financial Times, Trump Media & Technology Group is pitching a $100,000 monthly service to clients that delivers fast access to former President Donald Trump’s posts. Earlier reports noted that Trump Media would sell premium, faster access to posts on its Truth Social platform; the new service allows traders and investors to pay for real-time pushes of Truth Social content. This data feed service will launch next month for institutional clients, including high-frequency algorithmic trading firms.
3 hours ago
Cardano will hand over control of its core software to an external team starting in August.
Cardano developer Input Output will transfer control of key blockchain components—including Haskell nodes, the Plutus platform, and the Daedalus wallet—to external professional teams starting in August, as part of its multi-year decentralization initiative. Independent firms such as Se7en Labs and Teragone will oversee portions of the core infrastructure. At least three Cardano implementations will be maintained in Haskell, Rust, and Go, under community oversight and formal specification management. Cardano is currently grappling with weak network activity and a sharp drop in the ADA token’s price. Founder Charles Hoskinson framed the restructuring and ecosystem-related setbacks as necessary "growing pains" on the path to full decentralization.
3 hours ago
France blocks prediction market Polymarket.
French gambling regulator ANJ announced on July 17 that Polymarket’s website will be blocked in France, following its November 2024 ban on financial transactions with the platform. The ANJ stated that the site’s ongoing operation—with real-time updated odds for various events—qualifies as advertising. Even after banning French accounts from conducting trades on Polymarket, accesses to the platform from French internet addresses have continued to rise, reaching 578,751 visits in June.
3 hours ago
Meta is in talks with Anthropic over a computing power leasing agreement, with the potential deal valued at up to $10 billion.
According to The New York Times, Meta Platforms is in talks with Anthropic over a computing power leasing agreement, with the potential deal size reaching up to $10 billion for a two-year term. The negotiations remain in the early stages. Additionally, market data from BIT (bit.com) shows Meta's share decline has narrowed to 3%.
3 hours ago
Serenity: Its investment portfolio has posted a nearly 50% drawdown this month, and it firmly believes that the current round of adjustment is merely leverage-driven volatility, with its growth logic remaining intact.
Serenity posted a statement noting that their portfolio suffered a 49.4% drawdown this month, with main holdings concentrated in AI bottleneck sectors including memory, photonics, robotics, and upstream semiconductors. Serenity acknowledged pressure from the short-term market crash, but maintained that the volatility stems from liquidity and leverage rather than a breakdown in the structural growth logic of these fields.
TLDR: Hyperliquid price falls about 12% toward $59 as suspected a16z-linked wallets move nearly $59 million in HYPE across several exchanges. Long liquidations reach roughly $14.61 million, while open interest drops on Binance and Bybit as leveraged traders reduce exposure. HYPE breaks below a symmetrical triangle and its major four-hour moving averages, placing the $57 to $59 demand zone under pressure. A loss of $57 could expose $55.55, $52.65, and the deeper $42.74 to $43.30 zone, while any rebound first faces resistance near $63. Hyperliquid price prediction signals turn cautious after HYPE drops about 12% within 24 hours. The token trades near $59 after falling from a daily high above $66. Trading volume also rises as sellers move large positions across several exchanges.
The decline follows major transfers from wallets reportedly linked to venture capital firm a16z. One address deposits about 437,000 HYPE, worth approximately $28.38 million, across Hyperliquid, OKX, Bybit, and Gate. A second suspected wallet adds further pressure, taking the combined transfers close to $59 million.
Hyperliquid Price Prediction Weakens After Whale Sales On-chain trackers identify the first wallet as an address that previously accumulated a large HYPE position. The wallet reportedly withdraws 471,500 tokens before routing most of them toward exchange deposit addresses.
The second wallet receives HYPE from several connected addresses and sends portions to OKX and Bybit. It also transfers stablecoins to Kraken. Distributing funds across several venues may reduce the effect on one order book, although exchange deposits do not confirm that every token has sold.
🚨 An a16z-linked whale has deposited 𝟰𝟯𝟳𝗞 𝗛𝗬𝗣𝗘 ($𝟮𝟴.𝟯𝟴𝗠) across Hyperliquid, OKX, Bybit, and Gate over 2 days — a second suspected a16z wallet moved another $𝟯𝟬.𝟱𝟳𝗠 to exchanges. HYPE has fallen 𝟭𝟮% over the same window.
𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: Two a16z-linked… pic.twitter.com/2vTiBiGSZY
— Hupzy (Spot On Chain) (@hupzy_agent) July 17, 2026
The timing places the transfers at the centre of the latest Hyperliquid price prediction. HYPE falls as the deposits reach exchanges, while higher spot volume reflects heavier market participation. CoinGecko data also shows a sharp weekly decline during the broader market pullback.
Derivative activity adds pressure. Most reported HYPE liquidations come from long positions, showing that leveraged buyers carry the largest losses. Open interest also falls as traders close positions and reduce exposure.
That combination often creates unstable conditions. Forced liquidations can accelerate a decline, while lower leverage may later reduce additional selling. The current data does not confirm that the liquidation cycle has ended.
Hyperliquid also recently joined discussions with the SEC Crypto Task Force. The July 14 meeting covers the protocol, its markets, and possible routes for compliant access to on-chain trading.
HYPE Tests Demand as Bearish Chart Pressure Builds The four-hour chart places HYPE near a demand area between $57 and $59. This zone supported the early July rally and now acts as the main level within the Hyperliquid price prediction.
Price trades below the 20, 50, 100, and 200-period exponential moving averages. Those averages are turning lower, while the latest rebound forms a lower high near $68.93. The structure shows sellers gaining control after the earlier rejection around $72.
Meanwhile, the Relative Strength Index drops near 27, placing HYPE in oversold territory. That reading may support a relief rebound, but it does not confirm a lasting reversal.
Source: TradingView Holding the demand zone could allow price to retest the moving-average cluster between $63 and $66. A stronger recovery would then place $68.93 and the $71.85 to $72.93 supply area in focus.
A confirmed break below $57 would weaken the Hyperliquid price prediction further. The next support levels sit near $55.55 and $52.65. A deeper decline could expose the wider $42.74 to $43.30 area if exchange inflows and derivatives selling persist.
Competition for decentralized trading volume also draws attention. Robinhood Chain recently surpassed Hyperliquid during individual 24-hour periods, helped by heavy memecoin trading and new network activity.
Crypto-style derivatives and prediction markets have gained a foothold in AI compute markets, as reported by The Block. New offerings from Architect Financial Technologies and Hyperbolic Labs have introduced perpetual futures tied to GPU and DRAM rental benchmarks, preceding the anticipated futures from CME Group and ICE that await regulatory approval. This development marks a significant milestone in the financialization of AI infrastructure, with crypto derivatives currently offering the only hedging tools for AI compute volatility. The launch of these products indicates a swift movement towards treating GPU capacity as a commodity, with implications for both traditional finance and the cryptocurrency markets.
Advertisement
Key Takeaways Market activity suggests growing interest in crypto-style derivatives for AI compute, as indicated by the launch of perpetual futures by Architect Financial Technologies and Hyperbolic Labs. The absence of regulatory-approved futures from CME and ICE points to crypto derivatives as the current primary mechanism for hedging AI compute costs. The introduction of these financial products may indicate increased investment interest in related assets, such as Hyperliquid, as markets adapt to new hedging tools. What to Watch Market participants may observe potential regulatory developments from CME and ICE that could influence the landscape of AI compute futures. Any progress towards approval of these futures might shift interest away from crypto derivatives. Additionally, changes in market sentiment or new partnerships involving Hyperliquid could further impact pricing dynamics. Key indicators to monitor include institutional involvement and technological advancements in AI infrastructure.
Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Term Structure
Contract Odds Δ since publish Volume 24h December 31 30% — — View market → January 1 2027 6.2% — — View market → January 1 2027 4% — — View market → January 1 2027 65.5% — — View market → January 1 2027 9.2% — — View market → January 1 2027 4.5% — — View market →
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.
Venice AI updates its token economics: introduces a buyback mechanism and raises the supply cap for DIEM.
Venice AI has issued an announcement updating its token economics, with two primary changes: First, a new programmed burn mechanism: For every $100 worth of API credits purchased, $5 will be allocated to buy VVV on the open market and permanently burn the tokens. Second, DIEM’s supply target has been raised for the first time, from 38,000 to 40,000 (an increase of 2,000 units). The adjustment will be rolled out in phases, with the full target expected to be achieved by September 14.
3 hours ago
Trump Media Company prices exclusive early access to Trump’s posts at $100,000 per month.
According to the Financial Times, Trump Media & Technology Group is pitching a $100,000 monthly service to clients that delivers fast access to former President Donald Trump’s posts. Earlier reports noted that Trump Media would sell premium, faster access to posts on its Truth Social platform; the new service allows traders and investors to pay for real-time pushes of Truth Social content. This data feed service will launch next month for institutional clients, including high-frequency algorithmic trading firms.
3 hours ago
Cardano will hand over control of its core software to an external team starting in August.
Cardano developer Input Output will transfer control of key blockchain components—including Haskell nodes, the Plutus platform, and the Daedalus wallet—to external professional teams starting in August, as part of its multi-year decentralization initiative. Independent firms such as Se7en Labs and Teragone will oversee portions of the core infrastructure. At least three Cardano implementations will be maintained in Haskell, Rust, and Go, under community oversight and formal specification management. Cardano is currently grappling with weak network activity and a sharp drop in the ADA token’s price. Founder Charles Hoskinson framed the restructuring and ecosystem-related setbacks as necessary "growing pains" on the path to full decentralization.
3 hours ago
France blocks prediction market Polymarket.
French gambling regulator ANJ announced on July 17 that Polymarket’s website will be blocked in France, following its November 2024 ban on financial transactions with the platform. The ANJ stated that the site’s ongoing operation—with real-time updated odds for various events—qualifies as advertising. Even after banning French accounts from conducting trades on Polymarket, accesses to the platform from French internet addresses have continued to rise, reaching 578,751 visits in June.
3 hours ago
Meta is in talks with Anthropic over a computing power leasing agreement, with the potential deal valued at up to $10 billion.
According to The New York Times, Meta Platforms is in talks with Anthropic over a computing power leasing agreement, with the potential deal size reaching up to $10 billion for a two-year term. The negotiations remain in the early stages. Additionally, market data from BIT (bit.com) shows Meta's share decline has narrowed to 3%.
3 hours ago
Serenity: Its investment portfolio has posted a nearly 50% drawdown this month, and it firmly believes that the current round of adjustment is merely leverage-driven volatility, with its growth logic remaining intact.
Serenity posted a statement noting that their portfolio suffered a 49.4% drawdown this month, with main holdings concentrated in AI bottleneck sectors including memory, photonics, robotics, and upstream semiconductors. Serenity acknowledged pressure from the short-term market crash, but maintained that the volatility stems from liquidity and leverage rather than a breakdown in the structural growth logic of these fields.
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.
HyperCore data is now on Arkham Intel. You can now see an address’s Hyperliquid trades, current positions and performance.
Hyperliquid Positions
Hyperliquid positions have been added as part of an address’s cross-chain portfolio. You can see an entity’s current perpetual positions alongside their spot holdings on ETH, Solana, and HyperEVM. Across all of their wallets, Abraxas Capital has over $1 Billion in combined on-chain spot and perpetual margin.
Past Performance
Hyperliquid PnL has been added to an address’s Balance Graph module. See anyone’s Hyperliquid performance alongside their on-chain PnL. Want to know if someone is better at perps or on-chain? Compare their PnL with one click.
Hyperliquid Trades
Review a complete record of any address or entity’s trades on Hyperliquid. Filter their trades by market, size, or even time period.Arkham shows you a complete record of any entity’s trades over any time period. You can also filter for trades executed within a certain price range or at a certain sizing.
The Robinhood Chain memecoin's slide has erased most of a 4,000% run, even as its spot price held through a 60% perp wick that liquidated leveraged traders.
CASHCAT, the flagship token of the two-week-old Robinhood Chain, has fallen roughly 70% from its record high, unwinding most of the run that briefly carried its market value above $200 million after leveraged trading arrived.
The token changed hands at about $0.065 on Friday, down about 70% from its all-time high of $0.2278 set on July 11, according to CoinGecko. CASHCAT dropped about 25% in the past 24 hours and roughly 58% over the past week. Bitcoin was little changed over the same 24 hours and Ether fell about 2%, according to CoinGecko. The token's market value stood near $63 million, down from a peak of $200 million.
The decline shows how quickly a thin, newly created token can retrace. CASHCAT existed for under two weeks before Hyperliquid, the largest onchain perpetuals exchange by volume, and Binance's wallet added leveraged markets, drawing speculative flows into an asset backed by shallow spot liquidity.
'Not an Endorsement of the Project'Hyperliquid listed CASHCAT perpetual futures on July 11, capping the market at 3x leverage with isolated margin.
"By community request, you can now long or short $CASHCAT perps with up to 3x leverage," Hyperliquid said in a post on X, adding that trading was restricted to "low leverage and isolated margin only" and that the "listing is not an endorsement of the project."
Isolated margin limits a trader's losses to the collateral posted for a single position rather than drawing on the full account balance. The 3x cap is conservative for a memecoin market, where venues often allow far higher leverage.
Binance's wallet followed on July 14 with a CASHCAT perpetual offering up to 10x leverage, according to the exchange.
A 60% Wick Shortly after the Hyperliquid listing, the CASHCAT perpetual collapsed more than 60% in minutes, wicking from above $0.19 to roughly $0.08 before rebounding, while the spot price barely moved.
The gap between the two markets points to the mechanics of a new derivatives venue attached to a thinly traded asset, rather than a broad selloff in the token. Because the perpetual settles against a spot index that never fell as far, the wick hit leveraged position holders while spot buyers were largely untouched.
CASHCAT launched on Robinhood Chain, the network Robinhood brought to mainnet on July 1, and takes its name and mascot from the company's pre-launch branding. The token has no formal affiliation with Robinhood. It rose more than 4,000% in its first week as it dominated activity on the new chain, before the leveraged markets opened and the retracement began.
Sovereign networks do not operate on market sentiment. They operate on distribution bounds. Twenty-seven years inside the telecommunications and information technology sectors taught me this reality.
At Digicel Group, we did not evaluate consumer platforms. We built the underlying connectivity frameworks that enabled capital and data transfers to clear regional boundaries. That execution dictated my trajectory at 7 Movil, managing high-volume distribution networks where infrastructure limits define market realities. Most recently, as CEO of Cellpay, I saw what happens when the clearing protocol interfaces directly with mobile payments.
Sovereign design depends on systemic permanence. The systems that survive structural shifts are the ones that treat accessibility as a baseline utility rather than a layer on top of speculative markets.
That is the reason I joined Movement to lead the LATAM Go-To-Market team.
The transaction pipelines inside Latin American emerging markets remain broken because legacy financial players protect the friction points. Stablecoins are not assets for local trading desks. They are the actual digital infrastructure required to settle cross-border economic flows in real time.
Movement built live, licensed payment rails operating today. The imperative now is establishing institutional partnerships and expanding the sovereign distribution network before regional transaction loads demand it. Waiting for network cracks to expose systemic limits is a luxury the market cannot sustain. The primary settlement layer for global emerging markets gets one opportunity to be built correctly.
An individual who leverages the Official Trump (CRYPTO: TRUMP) memecoin to score invitations to events hosted by President Donald Trump found disclosure of his billion-dollar cryptocurrency profits "absurd" and "mind-blowing."
‘In Europe, Something Like This Would Never Happen’Fast forward almost 14 months, and the $1.4 billion fortune Trump made on these cryptocurrency projects is what everyone’s talking about.
“It’s quite absurd to be honest, a president that monetizes his presidency the way he did,” said Mortensen, who is from the Netherlands, in an interview with Benzinga. “In Europe, something like this would never happen.”
Mortensen called it “mind-blowing” that Trump monetizes not only cryptocurrency but also merch, watches, and trading cards.
‘Memecoins Almost Never Last’The TRUMP memecoin was launched just before Trump’s presidential inauguration in January 2025. It reached a market capitalization of nearly $15 billion shortly after the launch, before collapsing by 98% to $368 million at the time of writing.
On-chain analysis revealed that nearly one million investors who bought the TRUMP meme coin collectively lost $3.81 billion. All this while Trump collected more than $635 million in royalties from the project.
But Christensen never really had confidence in the memecoin. He sold all his TRUMP in the first week and only uses a market-neutral strategy—buying the memecoin while shorting the same amount—just to get invited to Trump-hosted events.
“Memecoins almost never last,” he said. “It’s attention economy, and if you’re not out in first week or two weeks, then shame on yourself.”
So, if given the chance, would he use the same market-neutral strategy to attend those fancy events again? Christensen replied, “Absolutely.”
What About WLFI?Christensen revealed that 80% of his World Liberty Financial (WLFI) tokens are locked, but he managed to sell 20% of the unlocked portion.
“I hold a significant amount on paper, but in my mind, it’s kind of worth zero because it’s a two-year lock,” he said. In two years, a project can die easily.”
It’s worth reminding that Trump earned over $520 million from the sale of tokens issued by World Liberty Financial, and over $65 million from equity sales in WLFI’s holding company, WLF Holdco.
The Rise Of The ‘Crypto President’The disclosures have sparked massive backlash and conflict-of-interest concerns, prompting Sen. Elizabeth Warren (D-Mass.) to call for ethical safeguards in cryptocurrency legislation to block any opportunities for Trump to profit.
Dylan Dewdney, co-founder and CEO of agentic finance platform Kuvi.ai, said the optics are poor and that the “long-term damage will be to crypto’s credibility” rather than to any one politician.
“This is, unfortunately, a case of crypto making its own bed and now having to lie in it,” he said.
Trump has defended his cryptocurrency income, asserting there was nothing “illegal” or “wrong” about it.
A White House spokesperson told Benzinga that all of the President’s assets are held in “fully discretionary accounts” managed by “independent third-party financial institutions,” while rejecting any allegations of conflicts of interest.
Photo Courtesy: Joey Sussman on Shutterstock.com
Market News and Data brought to you by Benzinga APIs
Key Takeaways Reddit is expanding AI through Google and OpenAI partnerships, boosting licensing revenues and relevance. RDDT improved ads, search and feeds with AI, as Q1 2026 search weekly active users rose 30% year over year. Reddit expects Q2 2026 revenues of $715-$725M as AI investments support top-line growth. Reddit (RDDT - Free Report) is benefiting from accelerating momentum in its AI initiative, which is increasingly positioning it as a foundational resource in the modern Internet landscape. With more than 25 billion posts and comments and nearly 500 million weekly users, Reddit’s platform is uniquely positioned to provide real human perspectives, an essential resource for both AI model training and genuine user engagement.
A key driver of this momentum is Reddit’s strategic partnerships with leading AI companies such as Google and OpenAI. These collaborations generate direct licensing revenues and reinforce Reddit’s relevance as a source of high-quality, diverse data for large language models. The company highlighted that it remains the most-cited source in AI citations across platforms, and that its data is among the most-searched on Google.
Reddit is leveraging AI and machine learning to enhance its own platform. The company has invested heavily in machine learning talent and infrastructure, focusing on improving the user experience through better content recommendations, faster onboarding and more relevant feeds. Reddit’s ad stack now integrates AI-driven automation and optimization, resulting in measurable improvements for advertisers, such as a 17% reduction in cost per action and a 25% increase in conversions for those using AI-powered campaign features.
Reddit’s AI-driven product improvements are enhancing user experience and engagement. The company has focused on upgrading its talent and infrastructure, particularly in machine learning, to improve core features such as feed relevance, onboarding and search. In the first quarter of 2026, search weekly active users were up 30% year over year, and new AI-powered features like bot verification and machine translation are making the platform more accessible and secure.
Reddit’s AI strategy is expected to benefit the company by driving its top-line growth. For the second quarter of 2026, management expects revenues to be in the range of $715 million to $725 million.
RDDT Faces Stiff CompetitionRDDT is facing stiff competition from competitors like Meta Platforms (META - Free Report) and Snap (SNAP - Free Report) . Both Meta Platforms and Snap are also expanding their footprint in the AI space.
Meta Platform is benefiting from its accelerating growth into artificial intelligence (AI), which is driving significant top-line growth. Meta Platform’s release of the Muse family of models and the upgraded Meta AI assistant has positioned the company as a leader in personal superintelligence, with billions of users now accessing these AI-powered features. This surge in AI-driven engagement is translating directly into top-line growth, as evidenced by a 33% year-over-year increase in total revenues to $56.3 billion for the first quarter of 2026.
Snap has introduced a suite of AI-powered advertising tools to help brands create, optimize and personalize campaigns on Snapchat. New features include AI-assisted campaign setup, image-to-video generation, creative enhancement, conversational AI Sponsored Snaps and creator marketplace automation, aimed at improving engagement, commerce and advertising performance across its platform.
RDDT’s Share Price Performance, Valuation and EstimatesRDDT shares have plunged 19.4% year to date, underperforming the broader Zacks Computer & Technology sector’s 16.5% appreciation and the Internet - Software industry’s 3.8% decline.
RDDT Stock Performance
Image Source: Zacks Investment Research
RDDT shares are overvalued, with a forward 12-month Price/Sales of 9.32X compared with the Computer & Technology sector’s 6.88X. RDDT has a Value Score of F.
RDDT Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings is pegged at $4.83 per share, which has been unchanged over the past 30 days. This suggests 84.35% year-over-year growth.
RDDT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Binance Futures will launch a new perpetual futures product today with Space Exploration Technologies Corp. (Nasdaq: SPCX). Trading will begin on July 20, 2026, at 09:00 UTC. The new instrument is a USDⓈ-M perpetual contract that uses USD1 as its settlement asset.
Binance Futures Introduces New SpaceX Perp Contract The listing marks Binance’s next move in the expansion of its list of traditional finance (TradFi) tokenized products. The contract is designed to report on SpaceX exposure in the market and it will be subject to SpaceX’s perpetual futures framework, the exchange said. Earlier, before the IPO, Binance had also launched SpaceX pre-IPO perpetual futures.
SPCXUSD1 will be available for trading 24 hours a day, per the latest announcement. Binance has put a minimum order amount of 0.01 SPCX. The lowest notional amount will be USD1. Tick size is now set to 0.01.
Traders can use leverage of up to 25x. The contract will also enable Multi-Assets Mode, where users who are eligible for the mode will be able to utilize various collateral assets under the mode, if supported by the platform.
Payments for funding will be made every 8 hours. Binance put the funding rate at +1.00% and –1.00%. The exchange also gave a 0% interest rate on the product.
Binance stated that this contract will not be based on the contract mechanism that, in some cases, reduces funding times when there are high funding rates.
Moreover, funding rate will not affect settlements as long as it is within its range, even at the top or bottom of the range. Also, the decentralized perpetual trading platform confirmed that the launch is under Binance Exchange Rule 17.
SpaceX Stock Continues Decline Binance’s announcement comes amid Elon Musk-led SpaceX stock being weighed down. SPX ended Thursday at $131 down 3%. The decrease brought the stock down to $135, its IPO price for the first time.
It was the fifth straight ‘red’ session. Another significant blow to investor sentiment came when SpaceX had to cancel its 13th test flight of Starship due to a booster problem. The company hasn’t issued an updated release date.
Houdini Swap has partnered with Terminal, the multichain trading platform acquired by pump.fun, to add private deposits and withdrawals directly into the trading interface. The integration allows Terminal users to fund and withdraw from trading accounts without creating a visible onchain link between their source wallet and destination wallet.
The partnership also introduces Houdini's Multi-Swap feature to Terminal. Traders can fund up to 10 wallets from a single source with a single signature, while avoiding a shared onchain trail among those wallets. According to Houdini, the feature helps traders manage separate strategies without exposing relationships between their accounts.
Addressing Onchain Transparency Onchain trading exposes wallet activity by default. Anyone can monitor wallet balances, trace transactions, and analyze trading strategies using publicly available blockchain data.
"We think private onboarding and offboarding should be table stakes for onchain applications, not a feature you have to go looking for. And this isn't just about trading terminals. Prediction markets, perps platforms, neobanks, DEXs: they should all give users the option to fund their accounts privately. That's the standard we think the industry is heading toward, and this integration with Terminal is a good example of what it looks like in practice." - Michael Hubbard, Chief Executive Officer of SOL Strategies.
"Privacy at the deposit and withdrawal layer is a highly requested feature from our traders. They move fast and they move in size, and the moment they deposit, that wallet gets linked to every other one they've touched. Houdini gives our users a way to fund and move between accounts without handing that information to anyone watching the chain. It's built directly into Terminal, so it doesn't slow anyone down.” - Alon, COO of Baton Corporation, the parent company behind pump.fun and Terminal
This integration follows SOL Strategies' acquisition of Houdini Swap in May 2026. Following the announcement, Terminal posted that users can now fund up to 10 trading wallets simultaneously and described Houdini as the "most private & compliant protocol" available on a trading platform. Houdini promoted the launch with the message, "Protect your trading edge. Fund your trading accounts privately, native inside Terminal."
Community Pushes Back Pump.fun has consistently iterated between new features, initiatives, and acquisitions, such as the launch of PumpSwap AMM, the GO bounty platform, and even going multi-chain, in the quest to provide a better trading experience for its users and stimulate the memecoin trenches. The general consensus on the Houdini integration, though, has been that it is a step in the wrong direction. Despite the privacy benefits described by both companies, the announcement sparked criticism across social media.
Several users warned that private wallet funding could make it easier for large holders or anonymous participants to spread positions across multiple wallets, potentially masking accumulation patterns and reducing visibility for everyday traders trying to understand market activity.
Critics said the move risked adding fuel to frustrations that have already pushed some retail traders away from memecoin markets, where accusations of insider advantages and unfair launches remain common.
The backlash played out loudly in the comments, with some users calling the feature a step in the wrong direction. "Promoting multi wallet bundling is a huge L," one commenter wrote, while another asked, "You guys really wonder why retail doesn't come back?"
A third added, "You are basically promoting bundling," reflecting broader anger from traders who believe transparency is essential for rebuilding trust.
Houdini pushed back against those claims in multiple replies, arguing that the integration was designed to help traders protect their strategies rather than enable bundling or coordinated selling. The company responded directly to critics, saying the feature is "for traders protecting their edge, not for mass extraction" and "for protecting your alpha, not dumping on retail."
Debate Reflects Broader Industry Concerns The discussion arrives as parts of the crypto industry continue to examine the future of memecoin trading. Recently, Syncracy Capital cofounder Ryan Watkins argued that insider trading, bundling, and automated bots helped end the memecoin boom after onboarding millions of users and funding important trading infrastructure. He suggested future growth will likely come from new sectors rather than repeating the previous cycle.
In response, prominent Solana trader and co-founder of Bullpen, Ansem, suggested that fairer token launches should reduce bundling by making token distribution more transparent and rewarding participants through ongoing community contributions, rather than allowing anonymous wallets to accumulate large positions.
The differing reactions to Houdini's Terminal integration highlight this broader tension across onchain markets. Supporters view private funding tools as a necessary evolution for professional traders who want to protect strategies, reduce surveillance, and operate without exposing their positions. Critics worry that the same tools could make it harder to identify coordinated activity, wallet clustering, or practices that have historically raised concerns about fairness and insider advantages.
The debate ultimately reflects a larger challenge facing decentralized markets: finding a balance between user privacy and market transparency. As crypto trading infrastructure becomes more sophisticated, platforms will continue to face pressure to provide stronger privacy protections while also maintaining safeguards that encourage trust and participation.
Read More on SolanaFloor 10 Crypto Hacks in July Already: DeFiTuna Becomes the Latest Victim With $580K Exploit
Zeta Winds Down $ZEX, Cancels Promised 1:1 Migration to $BULLET
Meta is in advanced negotiations to offer private cloud instances of Anthropic’s Claude AI models in a deal estimated at around $10 billion over two years. The arrangement, first reported by SemiAnalysis on July 2, would effectively turn Meta into something resembling a cloud provider, hosting and serving a competitor’s AI models through its own infrastructure.
The structure reportedly mirrors what hyperscalers like Amazon Bedrock already offer: managed access to AI models through a cloud platform.
Meta’s neocloud ambitions and the numbers behind them The context for this deal is Meta’s staggering investment in AI infrastructure. The company has planned capital expenditures in the range of $125 billion to $145 billion for 2026 alone.
Advertisement
With that kind of spending, you end up with a lot of compute capacity. Meta’s play here is to monetize the excess, entering what industry observers are calling the “neocloud” space. Rather than letting expensive GPUs sit idle between training runs, Meta would rent them out as managed AI hosting environments.
Bitcoin miners are already pivoting to this exact playbook TeraWulf, a publicly traded Bitcoin mining company, signed a 20-year lease with Anthropic on July 6 worth approximately $19 billion. That deal covers an AI data center, meaning a company that built its business on proof-of-work mining is now betting its long-term future on hosting AI workloads.
CoreWeave, which started as a crypto mining operation before pivoting entirely to GPU cloud computing, has secured major partnerships with both Meta and Anthropic totaling $21 billion in 2026.
What this means for investors For crypto-adjacent companies, the implications are concrete. TeraWulf’s $19 billion Anthropic lease dwarfs its Bitcoin mining revenue and represents a fundamental revaluation thesis for the company. If Bitcoin miners can credibly position themselves as AI infrastructure providers, their valuations start reflecting cloud computing multiples rather than commodity mining multiples.
The risk is concentration. These multi-billion-dollar deals create deep dependencies on a handful of AI companies. If Anthropic’s growth stalls, or if the broader AI spending cycle cools, companies that retooled their infrastructure around AI hosting could find themselves with expensive, underutilized facilities.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Foundry Digital, a prominent Bitcoin mining pool operator based in Rochester, New York, announced it will allow its mining clients to determine the pool’s signaling stance on the controversial BIP-110 proposal. Clients will cast their votes using their respective hashrate, directly influencing the pool’s action regarding the upgrade.
BIP-110: Restricting non-monetary dataBIP-110, short for Bitcoin Improvement Proposal 110, aims to address the rising volume of arbitrary and non-monetary data being stored on the Bitcoin network. If implemented, the proposal would initiate a soft fork, resulting in backward-compatible rule changes that cap the amount of such data included in transactions.
The proposal is also known as the “reduced data temporary soft fork.” Key rules include limiting most new outputs to 34 bytes, reestablishing an 83-byte limit on OP_RETURN outputs, and prohibiting data pushes above 256 bytes.
Mini dictionary: OP_RETURN, a script opcode in Bitcoin transactions, allows users to store small amounts of arbitrary data on the blockchain, often used for metadata or simple messages.
Supporters contend that these measures would reinforce Bitcoin’s design as a peer-to-peer electronic cash system. Conversely, critics argue the proposal transforms a policy debate into a technical consensus change and could lead to the exclusion of transactions that pay network fees.
“It’s one of the more actively debated proposals in Bitcoin right now, and miners play a direct role in whether it activates,” Foundry stated, stressing the importance of miner participation in network governance.
Among the high-profile opponents are MicroStrategy founder Michael Saylor and Blockstream co-founder Adam Back, who have publicly raised concerns about the implications for transaction validation.
How voting will workFoundry outlined that each participating miner’s vote will be weighted according to their average hashrate on the pool over a 10-day period from July 6 to July 15. The company expects the voting window to remain open until the blockchain reaches block 961,632, projected for early August. At this point, the soft fork’s fate is likely to be decided.
Initially, Foundry’s default position is to signal “No” for BIP-110. However, should “Yes” votes exceed 51% of the hashrate during the voting window, Foundry will shift to signaling “Yes” on all of its future blocks. Any accounts that do not participate are automatically considered “No” votes. Meanwhile, miners retain the right to change their vote as long as the window remains open, with individual choices remaining confidential and only overall results shared.
Market observers note the significance of Foundry’s decision, as the company currently controls roughly one-third of the network’s total hashrate. Analysts at BGeometrics have suggested that the combined actions of leading pools like Foundry and Antpool could decisively move daily signaling metrics into a range capable of determining the soft fork’s fate.
Supporters believe BIP-110 can help Bitcoin function as true peer-to-peer money, while critics worry it may introduce contentious network changes and prevent certain fee-paying transactions from confirming.
ProposalMain Rule ChangeAdvocatesOpponentsBIP-110Limits arbitrary data in transactions; caps OP_RETURN at 83 bytesBitcoin developers, some minersMichael Saylor, Adam BackA final signaling window near block 961,632 will require Foundry to declare its majority-supported position before the activation timeline closes. The outcome will depend on where the majority of hashrate-weighted votes fall at the end of the period.
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.
Attention is now shifting from finding a bottom to determining whether a genuine trend reversal is beginning.
Bitcoin’s slide to around $57,700 at the end of June may have completed the worst phase of its 2026 bear market, according to a new market update published by BIT on July 17.
After correctly anticipating much of BTC’s decline in the last few months, the crypto investment firm now says traders should assess whether that low marked the end of the correction or was merely a pause before another leg down.
Market Has Largely Followed Earlier Roadmap BIT’s latest report builds on research it published on June 12, when it argued that Bitcoin had entered the final stage of its bear market. At the time, the firm outlined an Elliott Wave A-B-C correction pattern running from October 2025 that showed an initial selloff into the $60,000 to $69,000 range and a rebound toward $80,000 to $90,000, followed by a final Wave C drop during the 2026 FIFA World Cup, which is due to end on July 19.
That forecast has mostly played out, with BTC first plunging from around $97,000 to $62,900 in February this year before it recovered to about $82,000 in May, an event that was described in the report as a “counter-trend rally within a bear market.” It then went lower and eventually hit $57,700 at the end of June after geopolitical tensions and changing expectations for US monetary policy weighed heavily on risk assets.
In the July 17 update, BIT acknowledged that it underestimated the impact of the conflict between the United States and Iran, which pushed inflation higher than expected, and the hawkish stance adopted by the new Federal Reserve chair, Kevin Warsh. Even so, the firm said that the broader price structure closely matched its original outlook.
The earlier report had also pointed to several technical signals supporting the possibility of a market bottom, including historically depressed sentiment and oversold stochastic readings. Furthermore, at the time, BTC had been trading well below its weekly moving average. The new update has now shifted attention to the 21-week moving average, which it described as an important gauge for determining whether the market has transitioned back into a longer-term uptrend.
Not Everyone Thinks the Same However, not everyone reading the charts sees a bottom forming. Take, for instance, CryptoQuant contributor IT Tech, who wrote in a note aptly titled “You really think the bottom is already in?” that spot Bitcoin ETF flows, which were one of the biggest drivers behind the OG crypto’s rally in the last two years, have dropped notably in 2026.
You may also like: Will Crypto Markets Move When $1.2B Bitcoin Options Expire Today? The $65.5K Rejection: What Top Analysts Are Saying About Bitcoin’s Next Move Don’t Obsess Over Bitcoin’s Bottom as $38K Low Comes Into Focus: Analyst In 2024, cumulative net inflows were more than 500,000 BTC, with 2025 recording similarly strong inflows of about 250,000 BTC. However, 2026 has seen the funds bleed out roughly 120,000 BTC, leading the analyst to ask:
“If ETF demand drove the rally up, how can you be bullish while that demand reversed completely?”
According to them, what the market is seeing is a headwind and not a tailwind.
Earlier this week, Bitcoin found itself above the $65,000 level after US CPI numbers came back much lower than the market had anticipated, but those gains were quickly taken away by sellers, and at the time of writing, the asset was trading near $63,000, down almost 3% in 24 hours and about 2% across one week. Furthermore, it’s over 50% below its all-time high.
Tesla reports its second-quarter 2026 earnings on July 22 after market close, with Intel following less than 24 hours later on July 23.
Tesla remains one of the largest corporate holders of Bitcoin on its balance sheet, and any commentary from Elon Musk about digital assets, AI infrastructure, or capital allocation tends to move crypto markets faster than most on-chain catalysts. Intel sits at the center of the semiconductor supply chain that underpins everything from mining hardware to AI compute.
Tesla’s numbers look strong heading in Tesla already tipped its hand on July 2, pre-releasing production and delivery figures for Q2 2026. The company produced over 450,000 vehicles and delivered more than 480,000. Tesla deployed 13.5 GWh of energy storage systems during the quarter.
Advertisement
Tesla’s Q1 2026 results posted earnings per share of $0.41, beating analyst estimates of $0.30. Revenue came in at $22.39 billion.
The earnings call is scheduled for 5:30 p.m. ET on July 22.
Intel’s recovery story matters for crypto infrastructure Intel reports its Q2 2026 results on July 23 at 2 p.m. PDT. Revenue in Q1 2026 hit $13.6 billion, representing a 7.4% increase year-over-year.
Intel has also been investing heavily in its foundry business, attempting to compete with TSMC for manufacturing contracts, with implications for everyone from Nvidia to the smaller firms designing ASICs for blockchain applications.
The broader earnings picture Tesla and Intel aren’t reporting in isolation. Other major corporations including 3M and General Motors are also disclosing results this week.
What crypto investors should watch Beyond the Musk factor, Tesla’s energy storage growth maps directly onto mining infrastructure trends. The 13.5 GWh deployed in Q2 represents capacity that could theoretically support significant mining operations.
On the Intel side, semiconductor lead times and pricing forecasts will affect hardware procurement costs for mining operations and crypto infrastructure builders throughout 2026 and into 2027.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The Binance founder drew a sharp line between two of the most talked-about investment themes of the decade. The reasoning behind it is worth unpacking.
Changpeng Zhao does not waste words. The Binance founder and Bitcoin bull posted a single line on X that drew 1.3 million views, "AI is great, but it does not protect you against inflation. Bitcoin does."
No elaboration. No thread. Just a clean distinction between two assets that have competed for the same speculative dollars throughout this cycle, and a clear statement about which one he thinks actually solves the problem most investors are trying to solve.
Why the distinction mattersAI is a productivity story. It makes companies more efficient, generates revenue, and builds equity value. But it does not have a fixed supply. The companies building it can dilute shareholders, raise debt, and expand indefinitely.
There is no cap on how many AI tokens, AI company shares, or AI-related products can exist.
Bitcoin has 21 million coins. That number does not change regardless of what central banks do, what governments decide, or how much money gets printed.
The supply is the point. It is the only major asset class where the answer to increased demand is not increased supply.
Scroll to Continue
Recommended Articles
Fiat currency debasement runs at roughly 6 to 7 percent annually, a figure CZ has cited before as the baseline that most income assets fail to beat. Money markets do not keep pace. Treasuries have had a negative real return for much of the past decade.
AI stocks have performed, but performance and inflation protection are different things.
Trending on TheStreet RoundtableDonald Trump breaks silence on $1B crypto earningsMichael Saylor reveals why Strategy sold Bitcoin and why critics are wrongBillionaire investor reveals key reasons behind Bitcoin's declineThe $1 million caseCZ's latest post did not come out of nowhere. Earlier this month, in an interview, CZ mapped out a two-cycle path to $1 million Bitcoin by 2033, using historical multipliers of three to five times per cycle, noting the last cycle was unusually weak at roughly 2x due to macro disruption and capital being absorbed by AI companies.
"We're not at a saturation point yet," he said. "The demand for Bitcoin or for crypto in general can be significant."
Bitcoin is currently trading near $63,000, down 50 percent from its all-time high and sitting in what most analysts agree is bear market territory.
CZ is not buying the narrative that the cycle is broken. He is buying Bitcoin instead.
Exchange-traded funds backed by spot Bitcoin show a new sign of stability after several months marked by capital outflows. In the United States, investors recorded a third consecutive session of net inflows, confirming renewed interest in this category of products. This development comes as the market tries to regain better balance after a difficult start to the year. Meanwhile, data show a gradual improvement in flows, despite a context where price performance remains under pressure.
In brief US spot Bitcoin ETFs recorded 368 million dollars of net inflows in three consecutive sessions. The cumulative inflows of these funds now reach 51.2 billion dollars, with 77.7 billion dollars in assets under management. Bitcoin briefly crossed 65,000 dollars while July flows returned to positive territory. Despite this improvement, spot ETFs still show a net flow deficit of 5.4 billion dollars since the beginning of 2026. Bitcoin: Spot ETFs Post Three Consecutive Sessions of Inflows US spot ETFs linked to Bitcoin recorded 79.2 million dollars of net inflows on Thursday. This performance extends a positive streak after 181 million dollars recorded on Tuesday, then 108 million dollars on Wednesday. In total, these three sessions represent about 368 million dollars of new capital, according to SoSoValue data.
Spot Bitcoin ETFs record several consecutive sessions of net capital inflows, bringing cumulative flows to over 51.2 billion dollars by mid-July 2026. Source: SoSovalue. Moreover, cumulative net inflows since the launch of these products now reach 51.2 billion dollars. Assets under management also increase to reach 77.7 billion dollars. At the same time, the price of bitcoin briefly exceeded the 65,000 dollars threshold on Wednesday, a first since the end of June. This price movement coincided with flows toward ETFs returning to a more favorable trajectory.
Flows Turn Positive After Several Challenging Months Recent investments have allowed monthly flows of spot Bitcoin ETFs to return to positive territory during July. This improvement follows net outflows of 4.51 billion dollars in June and 2.4 billion dollars in May. If this momentum continues until the end of the month, July will become the first positive month since April, during which ETFs recorded 1.97 billion dollars of net inflows.
However, the annual balance remains negative. On Friday, net flows of US ETFs still showed a deficit of about 5.4 billion dollars since the beginning of 2026. At the same time, Bitcoin was trading around $63,400 at the time of writing, a decrease of about 28% since the start of the year. These figures show that the recovery of flows is not yet accompanied by a sustainable return in market performance.
The next sessions will allow verification of whether this investment resurgence is confirmed. Continued inflows could reinforce the momentum observed in ETFs, while bitcoin’s evolution will remain a key indicator to measure the strength of this trend. Market participants will also monitor the funds’ ability to maintain positive flows in the coming weeks.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Join the program
A
A
Lien copié
Ghiles A.
Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.
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.
Iran launched a wave of missiles and drones at US military targets across six Gulf States between July 12 and 17, marking the most significant direct confrontation between the two nations in decades. The attacks struck US assets in Bahrain, Kuwait, Qatar, Jordan, Oman, and the UAE, and the crypto market responded exactly how you’d expect: with panic selling and a cascade of forced liquidations.
Bitcoin fell more than 2%, sliding to approximately $62,000. Roughly $350 million in liquidations hit the broader digital asset market as traders scrambled to de-risk portfolios in the face of what looks like a genuine regional war.
What happened and why crypto cares The Iranian strikes were retaliatory. The US had previously conducted operations targeting Iranian command centers, missile installations, and coastal defense systems. Iran’s response was broad, hitting American positions across half a dozen countries in quick succession.
Advertisement
On July 11, one day before the first missile strikes, Iran announced it was re-closing the Strait of Hormuz. The $350 million liquidation wave tells a deeper story. Leveraged long positions got wiped out as the price cascaded through support levels, a familiar pattern whenever a geopolitical shock catches the derivatives market leaning the wrong direction.
The sanctions and crypto enforcement angle US authorities have previously seized or sanctioned Iranian-linked cryptocurrency wallets worth over $344 million. These wallets were tied to Iran’s central bank or the Islamic Revolutionary Guard Corps (IRGC), and their seizure reflects a broader reality: Iran has been using crypto as a tool to circumvent economic sanctions for years.
Iran has used Bitcoin mining operations to generate hard currency, routed transactions through mixing services, and leveraged decentralized exchanges to move value outside the traditional banking system that sanctions have largely cut them off from.
For DeFi protocols in particular, the question of whether they can or should block sanctioned addresses becomes urgent again. The Tornado Cash precedent looms large here. If the conflict escalates further, expect OFAC to expand its sanctions list aggressively, and expect compliance teams at major exchanges to get even more conservative about flagging transactions.
What this means for investors The immediate market impact, a 2% Bitcoin drop and $350 million in liquidations, is notable but not catastrophic on its own. A prolonged closure of the Strait of Hormuz would send oil prices significantly higher, fueling inflation fears and potentially forcing central banks to adopt a more hawkish stance.
Traders should watch two things carefully. First, whether the Strait of Hormuz actually stays closed or whether diplomatic channels reopen it. Second, watch for new OFAC designations targeting Iranian crypto infrastructure. Each new sanctions action creates compliance ripple effects across the entire exchange ecosystem, from Coinbase to Binance to smaller regional platforms.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin (CRYPTO: BTC) options put/call ratio fell to a six-month low near 0.59, with traders cutting downside hedges and rebuilding call exposure at the $64,000-$65,000 range as Glassnode flagged a constructive shift in sentiment.
What Is The Options Market Actually Saying?The put/call ratio dropping to 0.59 marks a decisive shift in how traders are positioned.
A ratio below 1.0 means more calls than puts are outstanding, and at a six-month low, the positioning reflects growing confidence that Bitcoin holds and pushes higher from current levels.
Implied volatility also declined, with Bitcoin’s DVOL falling from 48 to 40 as price recovered from June lows.
Glassnode noted this reflects the options market unwinding part of June’s fear premium, though volatility remaining above May lows means uncertainty has eased rather than disappeared.
The $68,000 To $70,000 Zone Is The One To WatchBitcoin is consolidating near $63,000, sitting below a dense negative-gamma cluster between $68,000 and $70,000.
Glassnode flagged that a move into that zone could trigger pro-cyclical dealer hedging and amplify volatility in either direction.
That level aligns with what analyst Michaël van de Poppe has been watching all week.
He said Bitcoin’s structure still favors upside and a clean break above $65,000 sets up a strong run, a call he maintained even after two failed attempts to hold that level following Tuesday’s CPI-driven spike to $65,235.
Can Bitcoin Reclaim $65,000 After This Week’s Rejection?The longer-term trend still leans bearish. The 20-day SMA at $62,595 sits below the 50-day at $63,686, and the 50-day sits well below the 200-day at $73,274, keeping the death cross from November 2025 as the dominant backdrop.
RSI sits at 47.24, neutral and not yet showing the kind of momentum that confirms a trend change. Buyers need to reclaim the 20-day EMA at $63,251 to shift the path of least resistance away from sideways-to-lower.
Key levels for Bitcoin:
$63,251 — 20-day EMA, immediate level bulls need to reclaim $65,000 — breakout trigger van de Poppe is watching $68,000 to $70,000 — negative-gamma cluster where volatility could amplify $73,274 — 200-day SMA, longer-term overhead supply Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
Bitcoin slipped below $63,000 as the wider risk trade came under pressure, with weakness in technology stocks spilling into crypto and pulling traders back toward a more defensive posture.
The move is not happening in isolation. Bitcoin has been trading as both a crypto-native asset and a macro-sensitive risk asset, which means it can react to liquidity conditions, equity-market stress, ETF flows, and leverage in the derivatives market at the same time. When technology stocks sell off sharply, crypto often feels it quickly.
That does not mean Bitcoin’s structure has suddenly broken. It does mean traders are watching nearby support more closely, especially around the areas where buyers previously stepped in.
The next zone in focus is around the $61,500 region, where demand could decide whether this is a contained pullback or the start of a deeper reset.
TL;DR Bitcoin has fallen below $63,000 as risk appetite weakens across technology stocks and crypto. Traders are watching whether demand appears near the $61,500 area. The move looks more like a macro-led pressure test than a crypto-specific collapse, but follow-through now matters. Bitcoin Is Still Trading With The Risk Market One of the more important lessons of the ETF era is that Bitcoin has not stopped being volatile just because more institutional products exist around it.
If anything, the asset now sits in more portfolios, more macro models, and more cross-asset trading strategies. That can support demand during strong periods, but it also means Bitcoin is exposed when investors reduce risk broadly.
A tech-led selloff can hit Bitcoin through several channels. Some traders sell crypto to reduce overall portfolio volatility. Others unwind leveraged positions. Funds may rebalance. Short-term traders may simply step away until the market finds a clearer level.
That is why the break below $63,000 matters. The level itself is not magical, but it marks a shift in short-term tone. Buyers who were comfortable above that level now have to prove they are willing to defend the next area lower.
If they do, the move may be remembered as another dip inside a broader range. If they do not, momentum traders could start pressing for a move closer to the next major support cluster.
Why $61,500 Is Getting Attention Support zones become important because they show where traders expect demand to return. Around $61,500, the market is looking for signs of spot buying, reduced selling pressure, or a slowdown in forced liquidations.
The quality of the bounce matters more than the first reaction.
A quick wick into support followed by strong buying would suggest dip demand is still active. A slow grind into the level with weak volume would be less convincing. A clean break below it could force traders to look toward lower liquidity pockets.
This is where Bitcoin’s short-term setup becomes more fragile. When price is moving with broader macro pressure, crypto-specific headlines may not be enough to reverse it. Traders often need to see risk appetite improve across equities, funding stabilise, and open interest reset before confidence returns.
That makes the next few sessions important. Bitcoin does not need a huge rally to repair the tone. It needs to stop falling, hold a credible support area, and avoid a leverage-driven flush.
The ETF Backdrop Still Matters The longer-term Bitcoin story has not disappeared. Spot ETF access, institutional allocations, and the broader shift toward regulated crypto exposure remain important. But those forces do not move in a straight line.
ETF demand can absorb supply over time while the market still suffers sharp short-term corrections. That is especially true when macro conditions turn against risk assets. Even strong structural demand can be overwhelmed temporarily by liquidations or a broad move into cash.
For readers, the distinction matters. A drop below $63,000 does not automatically cancel the institutional Bitcoin thesis. It does, however, show that the market is still sensitive to the same forces that move growth stocks, high-beta assets, and speculative liquidity.
That is why the current move should be treated as a test of demand, not a final verdict.
If Bitcoin stabilises near support, traders will likely shift back toward ETF flows, exchange balances, and whether spot buyers are accumulating into weakness. If the level fails, the conversation changes quickly toward downside liquidity and where the next serious bid may appear.
For now, the market is asking a simple question: are buyers still confident enough to step in while broader risk sentiment is shaky?
The answer will come from price action, not from slogans. Bitcoin has survived many risk-off moves before, but each one still has to be absorbed in real time. The break below $63,000 puts that absorption test back at the centre of the market.
This article is based on information from Arkham Intelligence.
This article was written by the News Desk and edited by Samuel Rae.
Digital asset investment products have begun to attract renewed investor interest after a record-breaking outflow streak that lasted eight weeks and totaled $8 billion. According to an assessment published by CoinShares, a net inflow of $287 million was recorded across all issuers last week.
The company stated that it expects the current week to also end positively. Although the week started with fund outflows, the lower-than-expected consumer and producer inflation data released in the US changed investor sentiment in the middle of the week.
The US Consumer Price Index, released on Tuesday, July 14, 2026, fell 0.4% on a monthly basis, exceeding expectations of a 0.2% decrease. CoinShares reported a limited rise in Bitcoin following the data release, a repricing of interest rate expectations, and approximately $250 million in inflows into digital asset funds.
On Tuesday, net daily inflows across all digital assets and issuers were recorded at $218 million. This was followed by an additional $197 million in inflows on Wednesday, after the Producer Price Index, released on Wednesday, fell by 0.3%, contrary to expectations of flat performance. Thus, total inflows for Tuesday and Wednesday reached $415 million.
CoinShares noted that the majority of these inflows were directed towards Bitcoin-focused products. It stated that prior to the inflation data, markets were pricing in more than a full interest rate hike for September, but this expectation was roughly halved following the weak data.
According to the company, individual sales coming in line with expectations also points to a limited weakening in economic activity. CoinShares assessed that a weaker economic outlook could provide support for Bitcoin if it leads to a new shift in interest rate expectations.
However, the company remains cautious about Bitcoin’s short-term upside potential. CoinShares stated that Bitcoin has likely reached or is very close to its bottom, and that it does not see significant upside potential under current conditions.
According to CoinShares, a single weak employment data point and a single low inflation data point may not be enough to prompt the US Federal Reserve to cut interest rates. It was also noted that the renewed rise in oil prices following developments in Iran could negatively impact the inflation data to be released next month.
The company expects Bitcoin to trade in a horizontal range unless there is a significant change in monetary policy expectations. CoinShares stated that it is unlikely for the BTC price to rise above the $80,000 level under current conditions.
CoinShares noted that investor behavior also supported the cautious outlook in the market, pointing out that investor interest peaked when Bitcoin traded around $120,000 and decreased significantly when the price fell to the $60,000 level.
According to the company, while current price levels are prompting some investors to increase their positions, a cautious approach is maintained due to the overall negative market sentiment.
*This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
SBI Holdings has completed the acquisition of a majority stake in Coinhako, a Singapore-based cryptocurrency platform, after securing approval from the Monetary Authority of Singapore (MAS).
The Japanese financial group made the purchase through its subsidiary SBI Ventures Asset Pte. Ltd., which injected capital into Coinhako parent Holdbuild Pte. Ltd. and bought shares from existing shareholders. The transaction closed July 16, making Coinhako a consolidated subsidiary.
Coinhako operates through Hako Technology Pte. Ltd., holder of a Major Payment Institution license from MAS, and Alpha Hako Ltd., a crypto asset service provider registered with the British Virgin Islands Financial Services Commission.
The platform spent a decade building a customer base across Southeast Asia, a region SBI now positions as a base for its digital asset strategy.
SBI plans to combine Coinhako’s customer base, operational expertise, and regional network with its own financial services, technology, and global footprint. The company intends to expand a digital asset corridor that starts with Japan and Southeast Asia, and to develop services tied to its JPYSC yen-denominated stablecoin. SBI also flagged opportunities in tokenization, on-chain finance, and cross-border trading.
“Our group aims to create a global corridor for digital assets by connecting exchanges around the world, enabling investors worldwide to make optimal investments without being hindered by national borders or currency barriers,” Chairman Yoshitaka Kitao said. He described Singapore as a crucial region because its digital asset regulations are ahead of the curve.
Coinhako co-founder and CEO Yusho Liu called the deal a natural step. “For the past 10 years, we have built from the ground up Southeast Asia’s most trusted and legally compliant cryptocurrency platform in the world’s most advanced regulatory environment,” he said, adding that SBI’s backing gives the firm a stronger foundation.
SBI Holding’s crypto moves The acquisition caps a run of crypto moves by the conglomerate, which holds more than 14 million users and $308 billion in assets under custody. In the past month, SBI led EDX Markets’ $76 million Series C, backed risk manager Gauntlet, launched JPYSC, and partnered with the Solana Foundation on an on-chain financial market in Japan.
In June, the group agreed to buy Tokyo exchange Bitbank for about $289 million, and this week it teamed with Ondo Finance to tokenize Japanese equities.
One limit remains: JPYSC does not yet support withdrawals to external wallets, which confines its use to SBI’s own platform.
Micah Zimmerman
Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.
BIP-110 – My Notes to Miners Let me start off by saying I’m not pro BIP110, and I’m not anti-BIP110. If it actually succeeds as something that gains true consensus within the network and ends up being enforced by a majority of the network… cool. If so, then we’ll go with it because the network has spoken and accepted it, and all nodes, including non-BIP110 nodes, will be pulled along for the ride. Unfortunately for proponents of the proposal, that simply isn’t currently the case by any measurable metric, nor does it appear to have a trajectory suggesting that will change, either.
There’s been a lot of misleading information about this whole thing, especially in the context of mining. A few quick key bullet points to briefly counter some hyperbole from proponents: BIP110 is NOT inevitable. It CAN fail. BIP110 can and will cause a chain split/fork in a minority hashrate situation. BIP110 is NOT without risk to miners choosing to adopt it. Miners not supporting BIP110 are not suddenly mining “invalid” blocks just because a proposal that isn’t yet adopted simply exists. You’re not a bad person or evil simply because you don’t like or support BIP110. (The fact that I feel the need to point out that last part is actually kind of sad…)
I was going to write a long post to help keep miners informed about things they need to remain aware of as this all plays out… before realizing I already did so months ago, as a document I authored that I had hoped could be put out as a miner education piece at OCEAN. Sadly, it never got published. So I went ahead and updated it, and well, here it is.
Again, keep in mind this was written months ago, intended to be as agnostic as possible in an effort to make it acceptable as a corporate post. That effort failed, so I’m posting it as a personal document today instead. As a miner making important decisions about your operations, you need to be aware of all of this without the sugarcoating and, frankly, outright misleading information coming from some of the BIP110 proponents. You must be vigilant and decide what’s right for you.
While there is certainly some misleading information from the opposition as well, nothing I’ve seen is nearly as egregious as the extremely premature claims of victory and accompanying hyperbole pushed by the BIP110 side. Summarizing my doc a bit, my personal suggestion to miners is this: Signal if you support BIP110. Do not signal if you don’t support BIP110 or don’t care. Either way, monitor the network on/around/before block 961632.
If you continue to see non-signaling blocks from major pools, you can be reasonably certain they’re not going to suddenly decide later to throw away millions of dollars’ worth of revenue to backtrack and signal for BIP110. If they do, by some chance, start to signal for BIP110, you should monitor that and consider switching as required to stay on the heaviest chain. The key point is that, realistically, only one side can win. It’s either BIP110 succeeds, and miners not on the BIP110 side fail, or BIP110 fails, and miners on the non-BIP110 side succeed.
Moving on, let’s dive into a small fraction of my rationale.
QUICK FACT: Between 7 and 15% of Bitcoin Nodes are signaling support for BIP110. Depending on which centralized crawler you look at… no way to know for sure [how many BIP110 nodes are signaling support]. My personal private crawler puts this number much lower, but that’s a discussion for another day. Suffice it to say, I think it’s logical and correct to say that even 15% is not a majority.
“But Jason! UASF got Segwit activated with fewer nodes!” Yep, because many miners, merchants, users, etc., all actually wanted Segwit. There was tremendous economic and community weight behind it. Without rehashing that whole thing, as plenty of resources on the topic from before BIP110 are worth a read, suffice it to say that BIP110 and Segwit activations are not quite comparable, as many have already pointed out. Segwit, for example, went into its UASF territory with around 1/3rd of the network’s hashrate already signaling support. With that kind of backing, the UASF to help push the MASF over the tipping point made a lot of sense. It doesn’t make sense here for BIP110.
QUICK FACT: 0.6% of blocks over the past 60 days have signaled support for BIP110. [0.6% is a] pretty stark contrast to even Segwit’s low baseline support. Yes, I know it’s increased slightly in the past couple of weeks, but no new entrants. Just more clearly rented hashrate from one of the same small proponents.
Something to keep in mind is that mining BIP110 signaling blocks via DATUM on OCEAN carries virtually no risk to the miner up until the fork point at block 961632. The cost is negligible, as you’re effectively guaranteed to recoup rental costs, etc.
It’s awesome that the ability to do so exists, and I wouldn’t have it any other way… but just something to keep in mind when weighing signaling from such blocks in the grand scheme of things from a risk-reward, money-on-the-table perspective.
“But Jason! Miners have no incentive to signal until the last minute!” I also see no evidence to suggest that this could be the case. Subjectively, I disagree with the premise, as it’s not in a mining pool’s best interest to destabilize the network in such a way. Part of the reason for early signaling and lock-in periods is to help coordinate upgrades in a smooth fashion. Waiting until the last minute negates that benefit entirely. I see no compelling rationale or upside to doing so.
Continuing on this, as part of my personal node monitoring setup, I specifically monitor nodes known to belong to various entities, such as other mining pools, exchanges, large lightning nodes, merchants, etc. A supermajority of which are monitored with explicit permission and confirmation/coordination.
QUICK FACT: All major mining pools I monitor are currently running some variant of Bitcoin Core v30 or v31 (except OCEAN). Expanding on that, most [mining pools] have updated their nodes since the proliferation of BIP110’s release, even since the release of Knots 29.3. Additionally, it is known that many mining pools run modified versions of their node software to facilitate various requirements of their specific infrastructure. Such changes would need to be ported to a BIP110-compatible client, tested, evaluated, and deployed ahead of time. I currently see no evidence that this is the case currently.
As far as I can tell, the pools are aware but ignoring.
“But Jason! Miners don’t determine consensus! Nodes do! Otherwise, they’ll just cancel halvings!” This is one of the funniest and most ridiculous arguments I’ve heard from the pro-BIP110 crowd. Comparing a consensus change that can be unilaterally enforced upon the network by miners and accepted by 100% of existing nodes (a soft fork), with a hard fork which no existing node will accept… is disingenuous at best. T
ightening rules (like BIP110): Soft fork, can be enforced by miners if they choose to do so. Loosening rules (like canceling a halving): Hard fork, can not be enforced by miners without effectively 100% buy-in from the entire network… which isn’t likely to happen. Comparing the two is, bluntly, just stupid.
“But Jason! If you don’t upgrade to the latest consensus rules, you’re insecure! You’ll lose funds! You’ll mine invalid blocks! You’ll [insert additional hyperbole here]!” This would be true of a consensus change that has, well, consensus. While BIP110 has made a valiant effort to gain that consensus, it has yet to have any measurable majority at what is now arguably the 11th hour. Not in nodes, not in hashrate, not in the social layers (consensus.health has a cool visual there where you’ll find me in the middle).
If somehow BIP110 gains 51%+ of the network hashrate on/before block 961632… then, alright. It’s enforced, since as a soft fork a majority of miners can unilaterally enforce it in the absence of a fully adopted URSF (effectively a misnomer, as this would kind of be a hard fork).
“But Jason! It can’t gain consensus by already having consensus! You have to give it a chance!” Firstly… no I don’t, even though I have. Second, it’s a rushed proposal that never had the time to even try and gain real consensus. It’s been 7 months since the release of the first BIP110 client. There’s ~3 weeks to go before “mandatory” signaling starts as of now (less by the time you read this). 90% of the time available has passed with no change in overall sentiment from any relevant players. If it hasn’t gained sufficient adoption in the past 7 months, it’s not likely to do so in the next 3 weeks.
“But Jason! CSAM! CSAM! Pedophiles! CSAM!” I’ll be the first to say, even I personally overstated the risk here early on when Core proposed its OP_RETURN change. I personally expected something particularly egregious to hit the chain almost immediately, and to the best of my knowledge, that’s not yet happened. Could it still happen? Yeah, I suppose.
But considering from a technical perspective, byte-for-byte the same contiguous arbitrary data can provably end up stored in the current chain or the BIP-110 chain without much issue… this particular argument for BIP-110 falls pretty flat to me at this point.
Do I want CSAM in the chain? Of course not. Am I a pedophile if I don’t support BIP110? Also not.
Concluding Thoughts I could continue to go on and on and on, but I’ll stop here. I’ve wasted enough time on this. I’m sure I’ve done plenty to annoy both sides of the BIP110 debate at this point, as I don’t adopt either stance. I’m sure I’ll catch flak from all angles simply for daring to speak my mind on it.
Overall, I mostly think it was silly to approach addressing a real problem (the OP_RETURN default change in Bitcoin Core) with the maximum anti-spam manifesto based soft fork proposal… which provably cannot stop spam, arbitrary data, etc. 🤦♂️ (Yes, I know, proponents will claim it’s not about spam… and will also make semantic arguments that it does stop data as well… neither of which appears to be correct.)
I’ll close with the concession that I could be wrong. I’m not Nostradamus, and I can’t accurately predict the outcome with 100% certainty. I can only go by what the data tells me, and so I give BIP110’s success less than a 5% chance of actually succeeding… and I consider that generous. You can take my opinions on this however you wish, but I highly recommend you don’t discount the actual data points, remain vigilant, and do what’s best for you and your mining revenue. Don’t be gaslit by either side of the debate, and make your own decisions.
Here’s a link to the same document linked above for ease of access.
War is bad for risk assets. That’s not a new insight, but the US-Iran conflict that escalated sharply in July 2026 gave crypto markets a live demonstration of just how fast the lesson gets relearned.
US Central Command launched strikes against more than 80 Iranian military targets on July 7, 2026, in direct response to Iranian attacks on commercial vessels navigating the Strait of Hormuz.
What happened in the market Bitcoin had been trading near a monthly high of $65,500 before the strikes. Within hours of the escalation becoming public, it fell below $64,000. That’s a move of roughly 2%, which sounds modest until you account for the speed and the leverage sitting underneath it.
Advertisement
Liquidations across the crypto market exceeded $350 million as the sell-off cascaded through leveraged positions. In English: traders who had borrowed money to bet on higher prices got automatically wiped out when prices fell, which then pushed prices lower, which wiped out more traders. The cycle is mechanical and brutal.
Oil prices surged simultaneously.
US forces conducted additional strikes on July 14 and 15, targeting sites including Bushehr and Bandar Abbas. Iran responded with drone and missile attacks aimed at US interests across the region.
Why the Strait of Hormuz matters so much The Strait of Hormuz is the narrow waterway connecting the Persian Gulf to the broader ocean. A significant portion of the world’s seaborne oil passes through it.
The February 2026 US-Israeli strikes on Iran had already put the region on edge before July’s escalation. By the time CENTCOM was striking 80-plus targets, the market was not dealing with a fresh surprise. It was dealing with a confirmed escalation of something traders had been watching for months.
That context explains some of the activity on Polymarket, the prediction market platform. Trading volume around US-Iran conflict outcomes had been building for months before July, with hundreds of millions moving through the platform as traders assigned probabilities to various escalation scenarios.
What this means for crypto investors The $350 million in liquidations points to something specific about market structure. Leverage in crypto markets amplifies both gains and losses, and when external shocks arrive without warning, the deleveraging process is faster and more violent than in traditional markets.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
While federal lawmakers continue to argue over the finer points of digital asset legislation, US states have quietly started putting real money into Bitcoin. Texas executed its first purchase of roughly $5 million in Bitcoin through the BlackRock iShares Bitcoin Trust (IBIT) ETF in late November 2025, making it the first state to actually fund and buy Bitcoin for a strategic reserve.
The purchase came from a $10 million allocation approved under SB 21, which Governor Greg Abbott signed into law in June 2025. Texas acquired its Bitcoin at prices ranging between roughly $87,000 and $91,000 per coin. New Hampshire and Arizona both enacted their own strategic reserve laws months earlier, and over 30 additional states have introduced similar bills as of mid-2026.
The state-level Bitcoin land grab New Hampshire got its law on the books first. HB 302, signed in May 2025, authorized investments in Bitcoin and qualifying digital assets up to certain portfolio limits. Arizona followed almost immediately with HB 2749, also signed in May 2025, which took a slightly different approach by leveraging unclaimed property and seized assets to build its digital holdings.
Texas’s approach of routing the purchase through BlackRock’s IBIT ETF is notable. Rather than setting up custodial infrastructure from scratch, Texas went with the most liquid and institutionally familiar wrapper available.
Advertisement
More than 30 states have introduced Bitcoin reserve-style bills, reflecting bipartisan interest in treating Bitcoin as a reserve asset alongside traditional holdings like gold and bonds.
California’s Digital Financial Assets Law became operative on July 1, 2026, imposing licensing requirements on crypto businesses operating in the state. New York continues refining its BitLicense standards.
Washington’s half-finished homework In March 2025, the Trump administration established a Strategic Bitcoin Reserve through executive order, funded with forfeited Bitcoin already held by government agencies.
In July 2025, the GENIUS Act was signed into law, creating a comprehensive regulatory framework for payment stablecoins. The legislation included reserve requirements, audit mandates, and supervisory guidelines.
The Digital Asset Market Clarity Act, commonly called the CLARITY Act, has advanced through various stages but still hasn’t become law as of mid-2026.
What this means for investors When state treasuries start buying Bitcoin, it changes the asset’s narrative in ways that matter for every market participant. These aren’t hedge funds chasing alpha or retail traders following social media hype. These are government entities making deliberate allocations through regulated vehicles, framed as fiduciary decisions about public funds.
Texas’s $10 million is a rounding error in a state budget that runs into the hundreds of billions. These are test cases, designed to establish legal precedent and operational frameworks that can scale.
Investors watching this space should pay attention to three things: which states move from legislation to actual purchases, whether the CLARITY Act reaches the president’s desk before year-end, and how state-level reserves perform relative to traditional holdings in their first full reporting cycles.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Explosions ripped through Bandar Abbas, Iran’s most strategically vital port city, with state-affiliated Nour News confirming the blasts along the Gulf Coast. The incidents, tied to ongoing US military strikes targeting Iranian naval and missile installations, mark another chapter in a rapidly escalating confrontation between Washington and Tehran that has rattled energy markets but left crypto surprisingly unfazed.
Bitcoin was trading near $63,800 during the latest round of strikes, registering an intraday move of roughly 0.3%.
What’s happening in Bandar Abbas The explosions, reported between July 12 and 14, targeted areas east of Bandar Abbas, a city that serves as Iran’s primary naval base and handles approximately 80 million tons of goods annually. US Central Command confirmed it was striking coastal defense and maritime facilities, a pointed response to what Washington described as Tehran’s aggression toward commercial shipping in the region.
Advertisement
Bandar Abbas sits right on the Strait of Hormuz, the narrow waterway through which roughly 20% of the world’s seaborne oil passes.
Iran responded by announcing the closure of the Strait of Hormuz “until further notice,” a move that sent oil futures into a frenzy and immediately raised the specter of a global energy supply shock.
This wasn’t the first time Bandar Abbas made headlines this year. Prior explosions near the city in January and May 2026 had already rattled both energy and crypto markets, though each successive event seems to produce a slightly smaller reaction in digital asset prices.
Crypto’s strange calm Earlier incidents in July had actually followed that script, with Bitcoin dipping below $73,000 during a broader risk-off wave across markets. But the latest round of strikes saw Bitcoin at $63,800 and Ether around $1,800 with similarly limited volatility.
The regulatory war running parallel While missiles fly in the Gulf, the US Treasury has been waging its own campaign against Iranian-linked crypto activity. Authorities seized approximately $450 million in digital assets connected to Iranian entities. The Treasury also slapped sanctions on Nobitex, an exchange tied to Iran’s Islamic Revolutionary Guard Corps, making it one of the most prominent exchanges to be directly sanctioned for links to a designated military organization.
What this means for investors The $450 million asset seizure sets a precedent that investors should watch carefully. If US authorities can identify and freeze that volume of Iranian-linked crypto, the surveillance and enforcement infrastructure is clearly more advanced than many market participants assumed.
The pattern from 2026 so far is instructive. The initial shock from the January Bandar Abbas incidents produced meaningful crypto drawdowns. By May, the reaction was smaller. By July, it was nearly imperceptible.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bloomberg Intelligence ETF analyst Eric Balchunas has suggested that Bitcoin exchange-traded funds (ETFs) could follow market cycles similar to those seen in gold ETFs over the last two decades. Balchunas, who closely tracks ETF market dynamics, pointed to the history of the SPDR Gold Shares ETF (GLD) as a possible roadmap for how BTC ETFs might evolve as institutional investment vehicles.
Gold ETF performance offers roadmap for Bitcoin fundsBalchunas observed that both gold ETFs and BTC ETFs are structured as investment products around assets that do not produce cash flow. Unlike equities or fixed-income instruments, their value relies heavily on investor sentiment and demand rather than dividends, interest payments, or government backing.
He commented that Bitcoin ETFs may be replicating a familiar pattern: periods of major price appreciation are followed by sharp declines and gradual recoveries. Balchunas further noted that prolonged downturns in gold ETFs have historically paved the way for new all-time highs in assets under management, supporting the idea that patient investors may see higher peaks over time.
Bitcoin ETFs may be following the same script: spectacular gains, painful drawdowns and recoveries that may test investors’ patience. Despite extended bear markets for gold ETFs, each major cycle has ultimately resulted in a higher peak.
Mini dictionary: SPDR Gold Shares (GLD), launched in 2004, is the world’s largest physically backed gold ETF, providing investors direct exposure to gold prices through a regulated, liquid vehicle.
GLD sets precedent for market fluctuationsBalchunas referred to Bloomberg Intelligence data showing that GLD has weathered notable cycles in assets under management throughout its history. Assets once reached $76 billion, declined to about $22 billion, recovered to $84 billion, then fell again to $48 billion, and recently surged to around $190 billion.
He also pointed to milestones in ETF rankings, highlighting that GLD briefly became the world’s largest ETF in 2011 before experiencing several years of reduced momentum. In a similar vein, BlackRock’s iShares Bitcoin Trust (IBIT) recently surpassed $100 billion in assets, then saw growth slow as market conditions consolidated.
ETFPrevious Asset PeakLowest PointRecent Asset LevelGLD$76B$22B$190BIBIT$100BN/AN/AInstitutional demand drives ETF cyclesBalchunas explained that, unlike traditional stocks or bonds, the value of Bitcoin ETFs depends on both the underlying asset and investor inflows. Because the supply growth for both gold and Bitcoin is relatively limited, significant inflows can rapidly boost prices when market appetite rises.
He cautioned, however, that institutional demand is characteristically unpredictable. Demand often comes in waves rather than maintaining a steady pace, which can trigger fluctuations in both price and fund asset levels.
Demand can be fickle and come in waves versus steady, so investors should expect volatility even as long-term adoption rises.
Early phase for Bitcoin ETF adoptionAlthough Bitcoin ETFs have drawn growing interest, they remain at an early stage of institutional adoption compared to gold ETFs. Major investors, including pension funds and wealth managers, continue assessing the role of Bitcoin ETFs within diversified portfolios and regulated investment strategies.
While Balchunas cautioned that historical parallels do not ensure future outcomes, he emphasized that tracking the cyclical nature of ETF flows can help investors form more realistic expectations. As global ETF adoption expands, inflows, regulatory decisions, and institutional involvement are set to play key roles in shaping Bitcoin ETF growth.
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.
BTC tends to move south after such reports come out, but there's more to the story now.
Bitcoin recovered most of the losses seen during the day after dipping to $62,400 and is now back above $64,000. What’s intriguing about this rebound is that it came after some unfavorable reports for risk-on assets.
The first one focused on more threatening developments on the US/Israel-Iran war front, while the second was on the continuously growing US margin debt.
Two Major Signals The tension in the Middle East skyrocketed a couple of weeks ago when the US and Iran broke the ceasefire with new attacks. There’s been little to no reporting on potential peace talks since then. In contrast, Trump’s new attack plan was recently leaked, while a new report from Axios outlined the next possible steps.
The Trump Administration has reportedly conveyed to Israel that it will send ‘dozens more’ refueling planes ahead of a potential ‘massive offense’ against Iran. Some of the more threatening details include possible bombing against key Iranian infrastructure like power plants and nuclear sites.
The report added that the POTUS is expected to order the escalation ‘in the coming days.’ As expected, oil prices reacted with an immediate increase, as USOIL is up by over 20% since the war restarted.
Separately, the Kobeissi Letter noted that the US margin debt has risen by over $86 billion in June to a new record of $1.5 trillion. This marked the third monthly increase in a row. Moreover, the margin debt has skyrocketed by nearly $500 billion in the past year.
The analysts concluded that “US investors have never been more leveraged,” as the broader measure of such positions is up to approximately 1.4% of the S&P’s total market cap. This is close to the 2018 peak and far exceeds the 2000 Dot-Com bubble of 1.1%.
You may also like: Will Crypto Markets Move When $1.2B Bitcoin Options Expire Today? The $65.5K Rejection: What Top Analysts Are Saying About Bitcoin’s Next Move Don’t Obsess Over Bitcoin’s Bottom as $38K Low Comes Into Focus: Analyst BTC Rebounds The primary cryptocurrency tends to slip following similar reports, especially escalations in the Middle East. However, the past few hours have shown a very different reaction. The asset had fallen to a multi-day low of $62,400 before the bulls took charge and helped it recover nearly $2,000.
Nevertheless, bitcoin remains below the recent local peak of $65,600 reached after the US CPI numbers for June came out on Tuesday. The market is still in a fragile place, and it’s unlikely that new attacks between the US and Iran will have a longer-term beneficial effect.
The Bitcoin bottom may be in — but don’t get your hopes up: It might struggle to go up anytime soon, according to one investment firm.
A Friday report from European asset management firm CoinShares said that investors last week threw fresh cash at Bitcoin — and other crypto — exchange-traded products, indicating a change in sentiment.
But other factors may hold digital asset markets from going higher, James Butterfill, head of research at CoinShares, wrote.
“We have said for some time that Bitcoin has probably reached, or is close to, its floor,” the report read. “But we see no significant upside potential from here.”
The report added that current macroeconomic headwinds, such as the US bombing Iran and rising oil prices, could see inflation go up again.
Bitcoin’s price was up earlier this week, hitting a seven-day high of $65,501 on news that inflation in the US was softer than expected. It has since erased those gains and was recently trading for $64,010.
The price of Bitcoin has typically done well on news that inflation is coming down because investors expect interest rates to come down. But Butterfill said that “a rate cut does not look probable at this stage.”
Bitcoin’s worst run on record CoinShares’ data showed that investors pulled a total of $8 billion out of funds giving crypto exposure — “the worst run on record.”
Last week, though, things reversed when $287 million hit crypto funds, CoinShares said, with the data so far showing that this week looks likely to be another positive streak.
The price of Bitcoin has typically done well when US investors — previously excluded from crypto investing — have bought shares in exchange-traded funds approved in 2024.
The products — handled by the likes of BlackRock, Fidelity, and Grayscale — allow more traditional investors or Wall Street institutions to buy positions in Bitcoin via shares that trade on stock exchanges.
Since BTC’s October all-time high of $126,080, crypto markets have faced a battering as those investors have fast cashed out of the funds. Bitcoin has struggled to make gains, especially after the US and Israel started bombing Iran, leading to a surge in the price of oil.
The leading cryptocurrency is now nearly 50% below its record.
“The dominant picture is that the current setup is prompting interest in adding positions, but caution prevails while sentiment remains broadly negative,” CoinShares added.
Mathew Di Salvo
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.
SBI Group, a major Japanese financial conglomerate and long-standing Ripple partner, has announced a strategic partnership with Ondo Finance to introduce tokenized Japanese equities for both domestic and international markets.
Strategic partnership taps blockchain for Japanese equitiesUnder the new agreement, Ondo Finance, recognized for its expertise in tokenizing real-world assets, plans to issue digital representations of Japanese stocks through its affiliate, Ondo Global Markets (BVI) Limited. SBI Group will leverage its extensive financial network in Japan to distribute these tokenized equity products, aiming to provide broader access to one of the world’s largest capital markets.
A key element of the collaboration is the use of SBI’s JPYSC stablecoin for settlement and as collateral within the platform. This approach enables blockchain-based trading of Japanese equities, connecting traditional markets with the expanding global ecosystem of tokenized assets.
Both companies emphasized that the partnership will involve wider cooperation beyond mere distribution. They have agreed to promote each other’s products and services, seeking to accelerate institutional and retail adoption of tokenized financial instruments in and outside Japan.
Ian De Bode, CEO of Ondo Finance, highlighted Japan’s advanced capital markets and pointed to SBI’s reach as instrumental in bringing Japanese assets onchain for both domestic and international investors.
De Bode described the alliance as a way to bridge Japan’s sophisticated finance sector with the global tokenized economy, while enabling blockchain-based yen settlements.
Mini dictionary: SBI Group is one of Japan’s largest financial services companies, involved in banking, securities, asset management, and fintech solutions.
SBI-Ripple ties boost the tokenization landscapeThis partnership comes immediately after another milestone for Ondo Finance. In the previous month, the XRP Ledger (XRPL) surpassed Ethereum and Solana to become the leading blockchain for Ondo’s tokenized U.S. Treasury fund, hosting approximately $274 million in on-chain assets. This development marks a significant step in establishing XRPL as a preferred network for institutional-grade tokenized products.
Ripple is not directly involved in the latest SBI-Ondo initiative. However, the move draws attention due to SBI Group’s influential relationship with Ripple, which began in 2016. SBI is now among Ripple’s largest shareholders and one of the main proponents of XRP and blockchain adoption throughout Asia.
The two companies established SBI Ripple Asia, facilitating modernization of cross-border payments for regional banks and supporting broader enterprise integration of blockchain technology through the XRP ecosystem.
SBI Group’s involvement in digital asset initiatives extends into regulated exchanges, asset custody, and the creation of stablecoins. Recently, SBI VC Trade became the first regulated entity in Japan to support Ripple’s RLUSD stablecoin, underscoring its commitment to Ripple’s ecosystem.
As blockchain-based tokenization changes the global financial landscape, SBI’s alliance with Ondo Finance enhances its leadership in this emerging sector. The collaboration also expands the institutional ecosystem around the XRP Ledger, highlighting its rising prominence in the growing market for tokenized real-world assets.
Beyond digital equities, SBI’s expanded tokenization strategy positions it strongly within next-generation blockchain finance and reinforces the XRPL’s role as a core infrastructure provider for asset tokenization.
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.
XRP remains under pressure across both its USDT and BTC trading pairs, with the broader market structure still favoring sellers. While the token has managed to stabilize above nearby support on the dollar chart, its Bitcoin pair continues to print lower highs and lower lows, highlighting persistent relative weakness.
Ripple Price Analysis: The USDT Pair The daily chart shows XRP trading around $1.08 after an extended decline within a well-defined descending channel. Although the asset has recently moved sideways instead of extending its losses, the broader trend remains bearish as it continues to trade below both the 100-day and 200-day moving averages. These levels are also sloping downward, reinforcing the prevailing negative momentum.
Following the sharp breakdown in June, XRP has established a consolidation range between the $1 support zone and the $1.25 resistance area. Buyers have repeatedly defended the lower boundary, but every recovery attempt has been rejected before reclaiming the declining 100-day moving average or breaking above the channel’s higher boundary, indicating that bullish momentum remains limited.
A breakout above the $1.25 resistance would be the first sign that buyers are regaining control and could expose the descending channel’s upper boundary as the next major hurdle. Until then, the broader structure continues to favor further downside, with a loss of the $1 support opening the door toward significantly lower demand zones.
The RSI is hovering near the neutral 50 level, reflecting the current balance between buyers and sellers after weeks of heavy selling pressure. However, without a decisive bullish breakout, the indicator does not yet suggest a meaningful shift in trend.
The BTC Pair The XRP/BTC daily chart paints an even weaker picture. The pair has remained inside a long-term descending channel for nearly a year while consistently trading beneath both the 100-day and 200-day moving averages, highlighting sustained underperformance against Bitcoin.
After several failed recovery attempts during May and June, XRP/BTC has finally dropped below the key horizontal support around 1,720 sats. This level has repeatedly attracted buyers over the past few months, but each rebound has produced another lower high, signaling that selling pressure continues to dominate.
On the upside, the next important resistance sits around the 1,850 sats region, where previous support has turned into resistance. A move above this area would improve the short-term outlook, but the descending channel and the 200-day moving average near 2,000 sats remain the primary barriers to a broader trend reversal.
Meanwhile, the RSI remains below the midpoint, suggesting that momentum still favors the sellers. Unless XRP/BTC can reclaim key resistance levels and break its long-term bearish structure, the pair appears vulnerable to another test of the channel’s lower boundary, which is now located around 1,500 sats.
Polymarket odds of the Crypto Clarity Act being signed into law in 2026 fell to 35% Thursday after Senate Democrats said they would not support the current version of the bill over unresolved ethics provisions.
Why Are Democrats Walking Away?Democrats want stronger guardrails on Donald Trump’s crypto dealings and said the Republican version of the ethics language falls short on both conflict-of-interest protections and consumer safeguards, Politico reported Thursday.
Senator Ruben Gallego (D-AZ), a key negotiator on the bill, said the version heading to the White House gives the president too much room to continue what he called his “grift” in crypto.
“At the end of the day, we don’t have strong ethics. I don’t care what the president says. You’re not going to have the Democratic votes,” Gallego said.
A Democratic Senate aide added that Republicans were presenting something to the White House that Democrats had never seen or agreed to.
Senator Cory Booker (D-NJ), who has been working on the CFTC portion of the bill, urged Republicans not to release text before ongoing negotiations wrapped up.
Moreover, Senator Bernie Moreno (R-OH) pushed back directly, calling the bill’s ethics provision “the strongest of any piece of legislation ever passed by any Congress” and said the time for a vote has arrived regardless of where Democrats stand.
What Happens If Democrats Don’t Show Up?The bill needs 60 votes to advance in the Senate, which means Republican support alone is not enough.
Without at least some Democratic crossover, the Clarity Act cannot clear the chamber before the August 7 recess deadline.
The House is holding a hearing on the crypto market structure bill Thursday, one of the most closely watched crypto policy events of the year.
The White House is pushing lawmakers to advance the legislation before recess, but the Senate math does not work without bipartisan support.
Meanwhile, Ripple Chief Legal Officer Stuart Alderoty framed the stakes from the industry side. “A vote against the Clarity Act is a vote to leave the same unregulated conditions in place to be exploited by bad actors,” Alderoty wrote.
What Does This Mean For Crypto Markets?Regulatory uncertainty has been one of the key overhangs on institutional crypto adoption all year.
Lawmakers designed the Clarity Act to remove years of uncertainty over whether the SEC or the CFTC regulates digital tokens, giving exchanges, token issuers, and institutional participants clearer rules.
With Polymarket odds dropping to 35% and Democrats signaling they will not vote for the current text, the timeline for that clarity has moved further out, keeping the regulatory risk premium in crypto prices intact heading into the second half of 2026.
Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
