Track market-moving stories before they get noisy

Robinhood Chain overtook Hyperliquid in 24-hour decentralized exchange (DEX) volume, processing more than $560 million over the past 24 hours.

Robinhood Chain is a permissionless, AI-native Layer 2 blockchain built for financial services and real-world assets (RWA), but it’s in the buzz for meme coins, including Cash Cat. CASHCAT price has skyrocketed by almost 60%.

Robinhood Chain Overtakes Hyperliquid in 24-hour DEX Volume According to DefiLlama data, Robinhood Chain recorded almost $433 million in 24-hour DEX volume. The newly launched Ethereum Layer-2 blockchain has now flipped popular Hyperliquid.

Robinhood Chain has climbed to fifth place based on the DEX volume by Chain metric, with almost $900 million in 7-day DEX volume. Meanwhile, Hyperliquid saw $296 million in 24-hour DEX volume, with $656.28 in total DEX volume in the past 7 days.

Robinhood Chain 24-hour DEX Volume. Source: Defillama The milestone comes just one week after Robinhood Chain’s mainnet launch on the Arbitrum Orbit stack. In its debut week, the Layer-2 chain amassed nearly $1 billion in cumulative DEX volume, around $100 million in TVL, and more than 350,000 addresses.

Moreover, Token Terminal data also shows ETH bridged from Ethereum L1 to Robinhood Chain is up 70x in one week, passing $70 million. The chain uses ETH as gas.

Catalysts Behind the Massive Demand Santiment reported that Robinhood Chain is buzzing amid RWA tokenization, DeFi tools, and CASHCAT mania. “Bulls see a TradFi-to-DeFi bridge, while skeptics question stock-token rights and lasting demand,” it added.

Robinhood Social Volume. Source: Santiment The primary catalyst behind the surge is hype by CEO Vlad Tenev. He took to X, saying “While we’re building robinhood chain to be the best chain for RWA … it works great for memes too.”

He also declared “Robinhood Summer is here” as the chain acts as a bridge between retail brokerage and on-chain trading. Robinhood also covers gas fees for eligible users via its Wallet until September 29.

As traditional brokerages increasingly eye blockchain integration, investors interested in equity-backed tokens can review the best exchanges for tokenized stocks to trade fractionalized shares on-chain.

Cash Cat (CASHCAT) price rocketed more than 1000% in just the last 3 days amid the hype. The meme coin named after Robinhood’s early days mascot jumped nearly 60% in past 24 hours, currently trading at $0.1455.

Lookonchain reporting a wallet (0x6f5b) named “Ansem-2” spent $233K to buy 2.79 million CASHCAT was another catalyst. The wallet is linked to the Solana wallet CLM6E4, which held 10.5 million ANSEM, sparked speculation of ANSEM buying CASHCAT.

US-listed Bitcoin mining company TeraWulf is reportedly seeking to raise $3.5 billion in debt to expand its Justified Data campus in Kentucky, a facility leased by artificial intelligence company Anthropic under a long-term agreement.

The deal is expected to launch this year, with investment bank Morgan Stanley leading the financing effort, TeraWulf chief financial officer Patrick Fleury said, according to a Thursday Bloomberg report.

The deal could include leveraged loans and high-yield bonds, marking TeraWulf’s first entry into the leveraged loan market, the report stated.

The news comes days after TeraWulf signed a 20-year lease agreement with Anthropic for the Kentucky facility, showing how demand for AI computing capacity is creating new funding opportunities for data center operators.

TeraWulf’s previous financing activity includes multibillion-dollar offeringsThe Justified Data campus in Hawesville, Kentucky, is being developed as a large-scale data center project to support AI computing workloads, with initial operations expected in the second half of 2027 and full buildout targeted for early 2028.

The facility is expected to generate about $19 billion in contracted revenue over the initial lease term with Anthropic, according to TeraWulf.

Source: TeraWulf

The $3.5 billion debt raise follows the company’s previous financing offerings, where it raised $1.3 billion in December 2025 and $3.2 billion in October 2025.

Cointelegraph reached out to TeraWulf and Morgan Stanley for comment on the reported financing but had not received a response by publication time.

TeraWulf faces concerns over insider transactions and growth modelTeraWulf has recently drawn investor questions over insider stock sales, shareholder alignment and broader concerns over the company’s growth model.

On Thursday, Bitcoin mining advisory company Blocksbridge Consulting highlighted TeraWulf as an example of the investor scrutiny around insider stock sales at Bitcoin mining companies that have benefited from AI-related momentum.

TeraWulf has also faced questions over the economics of its AI data center model. In a McNallie Money podcast on Tuesday, Fleury pushed back against a short-seller’s model that estimated higher maintenance costs for TeraWulf’s data centers. He argued that the company’s role is to provide power and facility infrastructure, while customers are responsible for their computing equipment and technology upgrades.

Source: Matthew Sigel

Fleury said the company’s long-term lease structure limits the recurring upgrades and reconfiguration costs typically associated with data centers.

Magazine: Bitcoin’s quantum dilemma: Bigger blocks or STARK proofs?

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Bitcoin may be entering the later stages of the ongoing bear market and forming a long-term market bottom.

Specifically, the recent drop to around $57,000 this month could become this cycle’s equivalent of the $16,000–$18,000 low seen in late 2022. While on-chain data suggests the bottoming process is progressing, key confirmation signals have yet to appear.

Why $58K Could Mark This Cycle’s Bottom Market watcher Seth has said there are growing signs that Bitcoin’s high-timeframe (HTF) macro bottom is already in place. “There are signs that the HTF macro bottom is in. $58K is the new $18K,” he wrote on X.

Seth noted that he correctly identified Bitcoin’s $16,000 bottom during the 2022 bear market. He said he would not be surprised if Bitcoin had once again established its cycle low.

After bottoming in 2022, Bitcoin climbed steadily. It reached about $73,650 in March 2024 before rallying to an all-time high of $126,200 in October 2025.

Glassnode chart Bitcoin Rebounds From July Low Notably, Bitcoin fell to $57,747 on July 1, its lowest level yet in this cycle. It then rebounded to around $64,600 by July 5.

As of today, Bitcoin trades at $63,872, up about 4% over the past week. However, it remains down 27% year-to-date and is still about 49.4% below its October 2025 record high. That suggests the recovery is still incomplete.

Glassnode: Bottom Is Forming, but Confirmation Is Still Lacking In a recent study, Glassnode said Bitcoin is still in “deep value” territory after trading below both the True Market Mean and the Short-Term Holder Cost Basis for nearly five months.

The analytics firm said long-term holder (LTH) selling has intensified. Losses now account for 43% of total realized value, with realized losses reaching about $280 million per day, the highest level since December 2022.

Glassnode’s chart also shows that more than 5.5 million BTC held by long-term investors is currently at a loss. Similar levels were seen near major market bottoms in previous bear markets, before Bitcoin started recovering.

However, demand remains weak. Spot Bitcoin ETFs are still seeing net outflows, while daily trading volume of $650 million to $950 million is about 80% below the October 2025 peak.

At the same time, derivatives markets have become slightly more optimistic. The put/call ratio has fallen to its lowest level of 2026, although options traders are still pricing in downside risk.

In sum, Glassnode said Bitcoin may be in the final stages of forming a market bottom. However, it added that long-term holder selling needs to ease before a lasting recovery can be confirmed.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

A 1-for-15 reverse split and a record-low share price cap a brutal stretch for the Trump-backed miner that bet on hoarding Bitcoin instead of pivoting to AI.

Posted July 10, 2026 at 6:44 am EST.

American Bitcoin, the mining venture co-founded by Eric Trump, has collapsed since going public last year, and the damage is now landing on the first family’s fortune. The company’s shares have fallen more than 95% from their September peak, wiping out over $600 million from Eric Trump’s stake in about 10 months, according to Bloomberg calculations.

The slide forced an emergency maneuver this week: a 1-for-15 reverse stock split to preserve the company’s Nasdaq listing.

This story is an excerpt from the Unchained Daily newsletter.

Subscribe here to get these updates in your email for free

Eric Trump owns roughly 6% of American Bitcoin, according to Bloomberg calculations, and serves as its chief strategy officer, while his brother and adviser Donald Trump Jr. holds an undisclosed stake. In the first quarter, the company posted a $118.2 million operating loss after marking down its Bitcoin treasury by $117.2 million.

As Bitcoin sank into a bear market and capital rushed toward artificial intelligence, investors rewarded miners that could repurpose their infrastructure for AI data centers. Rivals like Riot Platforms, MARA Holdings, and TeraWulf struck data-center deals and watched their shares climb an average of more than 60% this year. American Bitcoin made the opposite bet, doubling down on mining and accumulating the token, and its stock has plunged around 77% in 2026.

The company is not backing off. It added another 500 Bitcoin on Monday, and Eric Trump has said it would only sell for reasons that were “beyond catastrophic.”

American Bitcoin’s predecessor started in early 2025 pitching itself as an AI data-center venture before pivoting a month later to Bitcoin mining through a deal with Hut 8, which remains its majority owner and runs its day-to-day operations. The renamed company then reverse-merged with Gryphon Digital Mining to reach the Nasdaq. High-profile backers, including the Scaramucci family, had poured in hundreds of millions before the stock unraveled.

Related Listen: How Digital Credit Assets like STRC and SATA Differ from Bitcoin or DAT Stocks

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

Meta gained over 4% in pre-market trading, extending its rally from the prior session.

According to market data from BIT (bit.com), Meta's pre-market stock gains have widened, with the stock now rising over 4% after closing up 4.7% in the previous trading session.

4 minutes ago

Founder of crypto trading platform RG Coins indicted again by the U.S. Department of Justice for transferring case-related crypto assets while in prison.

The U.S. Department of Justice announced that Rossen Iossifov, founder of Bulgarian crypto exchange RG Coins, has been indicted on additional charges for allegedly transferring approximately $290,000 in crypto assets that the court had ordered forfeited while he was in prison. Prosecutors alleged that in January 2024, while serving a sentence in a federal prison, Iossifov conspired to move the illicit assets through multiple crypto exchanges and mixing services to evade government seizure. Iossifov was previously sentenced to 111 months in prison in 2021 for his role in laundering nearly $5 million and assisting a Romanian cyber fraud ring in processing illicit funds; he was also ordered to pay over $2.6 million in restitution and forfeit related crypto assets. If the new charges are upheld, he faces up to an additional 25 years in prison.

4 minutes ago

Circle rises over 16% in pre-market trading after securing approval to establish a national trust bank.

According to market data from BIT (bit.com), Circle (CRCL)’s pre-market gain has widened to 16.63%, with its current price at $73.49. Earlier reports noted that Circle has obtained final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank.

4 minutes ago

Bitcoin mining company Cango will implement a 1-for-10 share consolidation.

Cango Inc. (NYSE: CANG), a Bitcoin mining company listed on the New York Stock Exchange, announced that its board of directors has approved a 1-for-10 share consolidation in accordance with authorization from its special general meeting of shareholders held on June 24. All issued and outstanding Class A and Class B common shares will be consolidated at a ratio of 10-for-1, with each share class remaining unchanged. The consolidation will take effect at 5:00 PM ET on July 20, 2026. Class A common shares are expected to begin trading on a post-consolidation basis starting from the opening of the New York Stock Exchange on July 21, with the stock code remaining “CANG” and the CUSIP number updated to G1820C 110. Following the consolidation, the total authorized share capital will remain at $100,000, consisting of 100 million common shares with a par value of $0.001 per share. No fractional shares will be issued; fractional portions will be canceled and revert to the company’s authorized unissued shares, with no consideration provided to holders.

4 minutes ago

Israel is willing to participate in strikes against Iran and is awaiting a statement from Trump.

Israel has informed the U.S. of its willingness to join further American military operations against Iran, and is currently awaiting a decision from U.S. President Donald Trump. Sources said Israel believes the new round of U.S.-Iran military conflict could last several more days. The Israeli Air Force, air defense, and intelligence units are on high alert, with the Israel Defense Forces (IDF) maintaining close coordination with the U.S. military. (CCTV)

4 minutes ago

BlackRock transfers approximately 8,700 ETH to Coinbase Prime, valued at around $15.81 million.

According to monitoring by Onchain Lens, BlackRock transferred approximately 8,700 ETH from its wallet linked to its Ethereum spot ETF to Coinbase Prime, valued at roughly $15.81 million based on current prices.

4 minutes ago

You can add another brick to the “wall of worry” facing the $2.27 trillion crypto market – and it has “Michael Saylor” written all over it.

Saylor runs a company called Strategy, formerly known as MicroStrategy. It was a software company that under Saylor’s leadership has been transformed into what crypto types call a major “hoarder”  of Bitcoin.

His strategy goes something like this: He sells company stock and preferred shares while purchasing lots of Bitcoin. Strategy currently holds around 4% of all the available digital assets.

Michael Saylor runs a company called Strategy, formerly known as MicroStrategy. It was a software company that under Saylor’s leadership has been transformed into what crypto types call a major “hoarder”  of Bitcoin. Jack Forbes / NY Post Design That’s a lot of Bitcoin, around 800,000 of them. With Bitcoin last year hitting all time highs of about $120,000, his investors have done well (60% plus return over the last five years). That is, until recently when shares of Strategy began reflecting the downdraft in digital coins. 

The big question: Is Saylor going to turn the current Bitcoin winter into the storm of the century for crypto? 

Along the way, there have been plenty of Saylor skeptics; the legendary short seller Jim Chanos is one. Chanos who began shorting Strategy stock last year in an arbitrage play he described on my “Risk and Return” podcast.

Another has been my podcast partner, Bob Sloan, a longtime capital markets professional who now runs S3 Partners, a well-regarded market data firm  that is often referred to as the gold standard for investor and trader positioning. Bob has long warned of the dangers that Saylor posed for Bitcoin and crypto in general.

Any market that leans heavily on one investor buying and not selling is courting trouble when that buyer does become a seller, which given the volatility of Bitcoin was always inevitable, Sloan argued.

Is Saylor good or bad for crypto? He has many skeptics. Getty Images Or as he put it: “Funding was required to keep his buying going. No funding equals forced selling.”

Bob’s bunny has a good nose (he’s seen plenty of market ructions during his long career). I was reminded of this Monday when my old colleague at the Wall Street Journal, Jonathan Weil, did a deep dive into Saylor’s business model. Weil raised questions about the in-house metrics used by Saylor that, he reports, have overvalued the company’s stock that became his “currency to buy bitcoin.” With that overvaluation comes the likelihood of selling as opposed to buying Bitcoin.

Informed of these sentiments, a press rep for Saylor hasn’t provided any comments as this piece goes to press. But Weil makes a compelling case that Saylor’s strategy has some holes, as did sources including Sloan even before the WSJ piece was published. It’s why the crypto winter is now likely to stick around until next spring as Saylor, the market’s marginal buyer, could become a significant seller to support his stock price.

That’s something he has been loath to do until Monday when Strategy released a filing with the Securities and Exchange Commission that showed he recently sold 3,588 coins worth over $200 million. Ok it’s a sliver of his holdings, and many Bitcoin maxi’s tell me the market is more than Saylor. It includes big Wall Street firms and plenty of long-term investors.

Maybe. Or maybe Saylor’s selling is the start of something bigger and a crypto winter that lasts until next summer.

Meta gained over 4% in pre-market trading, extending its rally from the prior session.

According to market data from BIT (bit.com), Meta's pre-market stock gains have widened, with the stock now rising over 4% after closing up 4.7% in the previous trading session.

4 minutes ago

Founder of crypto trading platform RG Coins indicted again by the U.S. Department of Justice for transferring case-related crypto assets while in prison.

The U.S. Department of Justice announced that Rossen Iossifov, founder of Bulgarian crypto exchange RG Coins, has been indicted on additional charges for allegedly transferring approximately $290,000 in crypto assets that the court had ordered forfeited while he was in prison. Prosecutors alleged that in January 2024, while serving a sentence in a federal prison, Iossifov conspired to move the illicit assets through multiple crypto exchanges and mixing services to evade government seizure. Iossifov was previously sentenced to 111 months in prison in 2021 for his role in laundering nearly $5 million and assisting a Romanian cyber fraud ring in processing illicit funds; he was also ordered to pay over $2.6 million in restitution and forfeit related crypto assets. If the new charges are upheld, he faces up to an additional 25 years in prison.

4 minutes ago

Circle rises over 16% in pre-market trading after securing approval to establish a national trust bank.

According to market data from BIT (bit.com), Circle (CRCL)’s pre-market gain has widened to 16.63%, with its current price at $73.49. Earlier reports noted that Circle has obtained final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank.

4 minutes ago

Israel is willing to participate in strikes against Iran and is awaiting a statement from Trump.

Israel has informed the U.S. of its willingness to join further American military operations against Iran, and is currently awaiting a decision from U.S. President Donald Trump. Sources said Israel believes the new round of U.S.-Iran military conflict could last several more days. The Israeli Air Force, air defense, and intelligence units are on high alert, with the Israel Defense Forces (IDF) maintaining close coordination with the U.S. military. (CCTV)

4 minutes ago

BlackRock transfers approximately 8,700 ETH to Coinbase Prime, valued at around $15.81 million.

According to monitoring by Onchain Lens, BlackRock transferred approximately 8,700 ETH from its wallet linked to its Ethereum spot ETF to Coinbase Prime, valued at roughly $15.81 million based on current prices.

4 minutes ago

QCP: Japan's bond market stabilization drives Bitcoin rebound to near $64,000

QCP Capital has released a new report, noting that the decline in Japanese government bond yields has eased market concerns over the unwinding of yen carry trades and capital repatriation, driving Bitcoin to rebound to around $64,000. While Middle East geopolitical risks, a stronger U.S. dollar, and the Federal Reserve’s hawkish stance continue to weigh on risk assets, Bitcoin has demonstrated some resilience in the $60,000 range. The report adds that future trends will hinge primarily on the global liquidity environment, U.S. inflation data, and the outcome of the Bank of Japan’s month-end meeting.

4 minutes ago

TLDR Table of Contents

TLDRBitcoin ETFs Lead Daily RedemptionsEther Funds Reverse Prior GainsWeekly Flow Trend Shows VolatilityGet 3 Free Stock Ebooks Crypto ETF outflows reached about $147 million on July 9, led by losses in Bitcoin and Ether funds. Bitcoin ETFs recorded $95.3 million in outflows, with FBTC and ARKB driving most redemptions. Ether ETFs saw $52.2 million in losses, reversing strong inflows recorded a day earlier. BlackRock’s IBIT remained flat, removing a key source of inflows that supported earlier sessions. Weekly ETF flows showed volatility, shifting from inflows to consecutive days of outflows. Crypto ETF outflows deepened on July 9 as U.S.-listed Bitcoin and Ether funds recorded combined losses of about $147 million. The session extended a weak trend following earlier signs of stabilization in institutional demand. The data confirmed that crypto ETF outflows continued despite recent price strength in major digital assets.

Bitcoin ETFs Lead Daily Redemptions Bitcoin funds recorded $95.3 million in net losses, reinforcing the latest wave of crypto ETF outflows across major issuers. Fidelity’s FBTC led the decline with $63.3 million in redemptions during the session. Ark and 21Shares’ ARKB followed with $39.9 million in outflows, increasing pressure on the category.

Smaller inflows partially offset losses but failed to reverse overall crypto ETF outflows for Bitcoin products. VanEck’s HODL added $5.4 million, while Morgan Stanley’s MSBT brought in $2.2 million. Bitwise’s BITB posted a marginal inflow of $0.3 million, limiting net declines.

BlackRock’s IBIT and Grayscale’s GBTC remained flat, removing a key source of demand seen earlier in the week. IBIT had previously driven inflows with over $200 million on July 6. Its neutral position allowed crypto ETF outflows to deepen without a strong counterbalance.

Ether Funds Reverse Prior Gains Ether ETFs recorded $52.2 million in net losses, adding to overall crypto ETF outflows across digital asset funds. Fidelity’s FETH accounted for $34.0 million of these redemptions. BlackRock’s ETHA also posted $12.7 million in outflows during the same session.

Grayscale’s ETHB and Bitwise’s ETHW contributed additional declines with losses of $2.7 million and $2.8 million, respectively. Other Ether funds remained flat, including VanEck’s ETHV and Invesco’s QETH. The absence of inflows across multiple issuers reinforced the scale of crypto ETF outflows.

The reversal followed a strong July 8 session when Ether ETFs attracted $70.5 million in inflows. FETH had led those gains before shifting to the largest source of redemptions. This rapid change highlighted how concentrated flows can drive short-term crypto ETF outflows.

Weekly Flow Trend Shows Volatility ETF flow data showed sharp swings throughout the week, reflecting inconsistent demand across issuers and products. Bitcoin ETFs gained $265.7 million on July 6 before slowing to $21.5 million on July 7. The trend reversed on July 8, when funds recorded $84.9 million in crypto ETF outflows.

The July 9 data confirmed a second consecutive day of losses, pushing total crypto ETF outflows deeper into negative territory. Ether funds followed a similar pattern, moving from strong inflows to notable redemptions within one day. This pattern indicated that flows remained uneven and highly sensitive to short-term conditions.

Solana ETFs provided limited support with $0.4 million in inflows, offering only a minor offset to broader crypto ETF outflows. VanEck’s VSOL and TSOL accounted for the small gains recorded in this category. Other Solana products remained flat, leaving overall flows dominated by Bitcoin and Ether declines.

Crypto ETF outflows on July 9 highlighted continued weakness in institutional allocations despite recent market stability. The absence of strong inflows across major issuers allowed redemptions to drive overall performance. The latest session confirmed that crypto ETF outflows remain a key indicator of shifting demand trends.

Japanese lender CRYL has launched Bitcoin-backed loans of up to 1 billion yen ($6.2 million), allowing individuals and businesses to raise fiat currency without selling their BTC. 

On Thursday, the company announced that borrowers can access between 1 million yen ($6,200) and 1 billion yen ($6.2 million) at annual rates of 3.5% to 7%. The loans carry collateral ratios of 40% to 60%. They run for one year and can be used for expenses, including taxes, business funding and property purchases.

The launch expands Japan’s small market for regulated crypto-backed financing. In 2020, Fintertech, a Daiwa Securities Group and Credit Saison joint venture, launched a similar service and currently lends up to $3 million against Bitcoin or Ether. However, CRYL's service advertises a higher ceiling and a lower minimum, while limiting collateral to BTC. 

CRYL framed the service as adding a third option beyond holding or selling their crypto. However, applicants must undergo screening, and most loans use a lump-sum repayment structure, with principal and interest due after one year. 

Bitcoin-backed finance takes shape in JapanFintertech’s product shows that Bitcoin-backed lending has been available in Japan for several years. The company’s website currently lists loans for individuals and businesses with annual rates of 4% to 8%, a 50% collateral ratio and a minimum borrowing amount of 5 million yen ($31,000).

The service also gained a wider distribution channel in October 2025, when Daiwa Securities began introducing customers at its branches across Japan to Fintertech’s digital asset-backed loans. Fintertech is owned 80% by Daiwa Securities Group and 20% by Credit Saison.

Other Japanese companies are exploring how Bitcoin could support more complex credit products. On Friday, Metaplanet Securities, yen stablecoin issuer JPYC and tokenization infrastructure provider Progmat announced a study into using BTC as collateral or credit enhancement for digital corporate bonds and other blockchain-based credit instruments. 

Unlike the loan products offered by CRYL and Fintertech, the Metaplanet initiative remains at the research phase, and the companies said no issuance has been decided. 

Magazine: Bitcoin’s quantum dilemma: Bigger blocks or STARK proofs?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

WSJ: American Bitcoin Schedules Second Quarter 2026 Earnings Release and Conference Call

The crypto market is going through a quiet phase, but many analysts believe this is when long-term opportunities are created. Crypto Coins continue to be an area of interest as institutional adoption is rising, governments are introducing clearer regulations, and blockchain networks are seeing record usage despite prices remaining below previous highs. Instead of chasing hype, one analyst says the market is focusing on projects with growing adoption, strong revenue, expanding ecosystems, and real-world utility. 

Here are 10 cryptocurrencies that stand out in 2026.1. Bitcoin (BTC)Bitcoin remains the foundation of every crypto portfolio because its supply is permanently limited to 21 million coins. 

The analyst says BTC is currently in an accumulation phase as institutions continue buying through spot ETFs and corporate treasury allocations. It remains the largest cryptocurrency and is widely seen as digital gold. Even though this list focuses on altcoins, most experts still recommend holding Bitcoin as the safest long-term crypto investment.2. Ethereum (ETH)Ethereum continues to dominate smart contracts and remains Wall Street’s preferred blockchain. 

According to Galaxy Digital VP of Research Lucas Outumuro, Ethereum’s biggest strengths are its credibility, security, Layer-2 scaling, privacy upgrades, and future quantum-resistant roadmap.Why @Uptodatenow flipped from ETH skeptic to ETH bull:

"Credibly neutral settlement layer: the world needs that. Demand exists."

"Right technical direction: ZK scaling, quantum resistance, privacy. L2s not dead, Robinhood, Arbitrum prove it."

"I used to be very skeptical of… pic.twitter.com/WbwAmAcslv

— The Rollup (@therollupco) July 8, 2026 Ethereum is also benefiting from growing institutional adoption. Robinhood recently launched its own Layer-2 network using Ethereum technology, while tokenized real-world assets and stablecoins continue expanding on the network. 3. Solana (SOL)Solana is becoming one of the fastest-growing blockchain ecosystems. 

Developers continue choosing Solana for payments, consumer apps, gaming, DeFi, and tokenized assets thanks to its high speed and low transaction costs.Helius CEO Mert Mumtaz recently described Solana as a “global Silicon Valley” for blockchain developers, where entrepreneurs can build products without worrying about scaling issues. The network also continues attracting major institutions through tokenized asset projects.4. Uniswap (UNI)Uniswap remains the largest decentralized exchange and continues benefiting from rising DeFi adoption. 

One of its biggest catalysts this year is its partnership with Robinhood, bringing decentralized trading closer to mainstream investors.The protocol continues generating strong fee revenue while expanding its services across multiple Layer-2 networks, making UNI one of the strongest DeFi projects heading into the next market cycle.5. Cardano (ADA)Although Cardano has received criticism over the past few years, analysts believe the project remains undervalued. 

Founder Charles Hoskinson recently argued that Cardano’s ecosystem continues growing steadily through research-driven development and new innovations instead of copying competing blockchains.The network is also expanding governance features, decentralized applications, and developer activity, keeping ADA among the largest blockchain ecosystems.6. Chainlink (LINK)Chainlink continues to strengthen its position as the leading blockchain oracle network. 

Founder Sergey Nazarov said recent U.S. crypto legislation, including the GENIUS Act and the proposed CLARITY Act, will increase demand for Chainlink’s infrastructure.The network provides proof-of-reserves, cross-chain interoperability, and data services for stablecoins and tokenized assets. As banks and institutions tokenize more real-world assets, analysts expect Chainlink to play an increasingly important role.7. Bittensor (TAO)Artificial intelligence remains one of crypto’s fastest-growing sectors, and Bittensor (TAO) is widely viewed as its leading project. 

According to Early crypto investor Michael Terpin, top AI tokens could outperform Bitcoin over the next few years as AI adoption continues accelerating.Bittensor allows developers to build decentralized AI networks while rewarding contributors through blockchain incentives. As AI investment grows globally, TAO is becoming one of the sector’s biggest beneficiaries.8. Hyperliquid (HYPE)Hyperliquid has become one of 2026’s biggest success stories. 

The decentralized perpetual futures exchange processed over $1.34 trillion in trading volume during the first half of the year while generating more than $320 million in protocol revenue.Moreover, the project recently entered the Bitwise 10 Crypto Index ETF, replacing Avalanche, showing growing institutional interest. The analyst also sees future regulated trading products and institutional participation could drive further growth for Hyperliquid.9. Sui (SUI)Sui continues attracting developers through its high-performance blockchain architecture. 

The network focuses on payments, gaming, AI applications, decentralized finance, and scalable infrastructure.Mysten Labs CEO Evan Cheng says Sui offers the technology needed to support large-scale on-chain financial applications while handling much higher throughput than many existing blockchains. Its rapidly growing ecosystem keeps it among the top Layer-1 projects to watch.10. XRPXRP remains one of the most hot cryptocurrencies as Ripple expands its global payments business. 

The company continues growing its stablecoin ecosystem, tokenized asset services, and partnerships with financial institutions.With clearer U.S. regulations gradually taking shape and Ripple increasing its focus on cross-border payments and tokenization, the analyst thinks XRP could benefit from broader institutional adoption over the coming years. Story Ends Here

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Read the Next News

'Not Happening': Former SWIFT Exec Shuts Down XRP Integration Rumors

XRP has been looking weak lately, with activity across the board slowing down. In fact, traders aren’t as willing to take on new positions as they were, with demand yet to push up again too.

Here’s what you need to know.

XRP OI falls as demand takes a hit XRP’s Open interest across all exchanges fell to around $773.5 million; that’s a huge drop from levels above $1 billion in May.

Source: Cryptoquant On Binance alone, the OI fell to nearly $350.6 million. So, it’s clear that leveraged traders may be reducing exposure.

Source: Cryptoquant Lower Open Interest may help reduce some liquidation-based pressure, but there hasn’t been enough participation. XRP’s market cap fell to about $10.89 billion too, so new capital is not entering the market either.

Meanwhile, the NVT ratio being elevated impied that network activity was yet to be strong enough for recovery.

Exchange reserves fall too Binance reserves fell to around 2.62 billion XRP as well. There’s not enough tokens available to sell.

Source: Cryptoquant In theory, lower exchange reserves can help sell-side pressure in the short-term. However, the fall does not mean investors are buying, or that a price recovery could be close.

For now, there’s limited support. Buyers may need to return in strength before the trend improves.

And they’re not being matched by whale activity…

XRP saw a 1.8% rise in Thursday’s trading, surpassing the $1.10 threshold. The cryptocurrency reached an intraday low of $1.0827 and peaked at $1.1065 before consolidating in a narrow range between $1.1020 and $1.1040.

Trading volume surged overnightThe uptick gained momentum in the early morning hours. Trading volume spiked to 43.51 million XRP, marking an increase of roughly 88% compared to the 24-hour average. In the following hour, 14.17 million XRP changed hands as the price moved from $1.0958 to $1.1052. After reaching this level, selling pressure began to build.

Analyst Celal Küçüker reminded investors that XRP posted gains of over 500% in just one month two years ago, arguing that the possibility of hitting $7 by year-end should not be ruled out prematurely.

This outlook reflects the growing optimism among retail investors in recent days. Activity in futures markets also supports this sentiment. According to CoinGlass data, open interest in perpetual XRP contracts increased from 2.09 billion to 2.14 billion XRP as of Tuesday.

Glossary: Open interest represents the total number of outstanding futures contracts that have not yet been settled. An increase in this figure signals new capital or new positions entering the market, but it does not alone indicate market direction.

Institutional sentiment remains cautiousWhile retail participation is gradually recovering, institutional investors appear less enthusiastic. On Wednesday, spot XRP ETF outflows totaled around $7 billion. The generally weak flow of funds throughout the week reinforced this cautious stance.

Market caution is not limited to cryptocurrencies. Escalating geopolitical tensions in the Middle East have also weighed on risk appetite. On Wednesday, US forces launched strikes on 90 targets along the Iranian coastline. In response, Iran’s Revolutionary Guard targeted US bases in Kuwait and Bahrain. Qatar’s Prime Minister has since called for a diplomatic resolution between the parties.

Key technical levels take center stageFrom a technical perspective, XRP continues to trade below major exponential moving averages. The 50-day average stands at $1.17, the 100-day at $1.28, and the 200-day at $1.49. This pattern suggests short-term upward attempts may face resistance.

Analysts remain divided on XRP’s next direction. While some project a move toward the $1.19 to $1.23 range based on Elliott Wave analysis, others warn that falling below $1.09 could trigger a test of deeper support zones. The Relative Strength Index hovers around 45, while the MACD histogram shows a slight positive divergence.

Throughout Thursday’s session, XRP formed higher lows and attracted buying interest near $1.0880 during pullbacks. In the short term, the $1.10 price level is seen as a key support, while resistance is expected at $1.1065, $1.11, and $1.13.

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.

Former SWIFT executive denies XRP integration rumors

Table of contents

XRP’s quiet consolidation ended abruptly Thursday evening. A burst of buy orders in the final hours of the session pushed the token clean through the $1.10 resistance that had held price in check for weeks. The move was a direct challenge to a level that repeatedly rejected upside attempts, and it shifted the near-term structure in a way that places the onus squarely on sellers now.

According to the market update from CoinDesk, XRP closed the day with a 2% gain, landing firmly above $1.10 for the first time since mid-June. The volume that accompanied the breakout was the real story. Earlier trading had been thin and directionless, but the late spike concentrated enough size to overwhelm resting offers and turn a tentative push into a legitimate range breach.

Breaking the range $1.10 was not just a round number. It functioned as an upper boundary for XRP’s price since late June, capping multiple intraday rallies. Each touch triggered a sell-off, reinforcing the zone as a short-term ceiling. A clean close above it, especially one backed by elevated volume, alters the supply-demand balance. Short-term traders who had been fading that resistance are now underwater, and their scramble to cover could amplify any follow-through.

The move also aligned XRP with a broader wave of altcoin strength. While XRP’s 2% rise looks modest, it occurred alongside aggressive expansions in other names, as highlighted by BlockchainReporter’s weekly roundup of top gainers. That context matters. It suggests the breakout was not a token-specific catalyst but part of a wider rotation into altcoins that began picking up momentum late in the week.

Volume and the support question The breakout’s credibility rests almost entirely on how volume behaves in the coming sessions. A single spike does not confirm absorption. The market has seen false dawns before: surges that reversed within a day because there was no sustained buying behind the move. The critical test is whether $1.10 can transition from resistance to support. If buyers defend that level on a pullback, the breakout gains structural weight.

Liquidity patterns on major exchanges suggest the order book above $1.10 is thinning. That means any real demand could propel price toward the next congestion zone near $1.18 without much friction. But it also means that a failure to hold $1.10 would expose the market to a rapid slide back into the prior range, potentially triggering a cascade of long liquidations. Traders remember May’s failed breakout, which snapped back after a single strong hourly candle. That memory will keep some participants on edge.

What’s next for XRP No clear fundamental news drove the move, which makes it a purely technical event. That is both a strength and a vulnerability. A technically driven breakout attracts momentum traders and algorithmic flows, but without a narrative hook—something institutional or regulatory—it can struggle to attract the persistent capital needed for a trend. The lack of a headline means the move’s lifespan depends entirely on price action itself.

The next few Asia and Europe sessions will be important. If XRP can hold above $1.10 through low-liquidity hours, it would give the breakout a chance to settle into a higher range. A fast retracement, by contrast, would signal that late-session buyers were simply hunting stops rather than building a position. For now, the market is in a wait-and-see posture, watching for confirmation that the bid is real.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

Italy’s largest bank disclosed an $18 million XRP position, and the interesting part is not the size but the plumbing: the exposure runs through Grayscale’s trust, not through wallets, keys, or even the shiny new ETFs. Bank crypto exposure has more than doubled in two quarters, and the wrappers banks choose reveal exactly how far the regulated world has actually come. This is the anatomy of how a bank buys a token.

Summary

Italy’s largest bank disclosed an $18 million XRP position through Grayscale’s trust, highlighting how regulated banks continue to prefer traditional securities over direct crypto holdings. European banks’ disclosed crypto exposure has more than doubled to $235 million, although most positions remain small, wrapped and focused on strategic exposure rather than treasury investments. The structure banks choose to hold crypto reflects regulatory, capital and custody constraints, offering a clearer signal of institutional adoption than the size of individual investments. The most institutionally significant XRP purchase of the year fits in a footnote. Intesa Sanpaolo, Italy’s largest banking group with over a trillion dollars in assets, disclosed a roughly $18 million position in XRP, acquired not on any crypto exchange, not through self-custody, not even through the spot exchange-traded funds that launched to such fanfare, but through shares of Grayscale’s XRP trust, a wrapper most retail traders stopped thinking about years ago.

Intesa bought an approximately $18 million position in the Grayscale XRP Trust

— Degi (@bryLFC88) July 9, 2026 Eighteen million dollars is a rounding error for Intesa, less than 0.002% of its balance sheet, and dismissing the disclosure on size would miss what it actually documents. Bank crypto exposure in aggregate has more than doubled across two quarters, from roughly $100 million to $235 million among disclosing European institutions, and each disclosure is a specimen of the same understudied question: when a regulated deposit-taking institution decides to hold a volatile digital asset, what does it actually buy, through what legal object, on whose books, and why that one? The answers are duller than the headlines and far more informative, because the wrapper a bank selects encodes everything, its regulators’ current mood, its capital treatment, its custody constraints, and its honest time horizon.

This piece uses the Intesa position as a dissection subject. It covers the menu of structures through which a bank can hold crypto and what each one costs in capital, operations, and optics; why a trust, of all things, beat both the ETFs and direct custody for this purchase; what the doubling of bank exposure does and does not signal about the institutional wave every forecast depends on; the XRP-specific reading, since the asset choice is itself information; and the checkable signals that would show bank demand becoming the structural bid the market has priced in advance so many times.

The menu: five ways a bank can own a coin A bank deciding to hold crypto chooses among five structures, and the choice is never about preference; it is about what its regulator, risk committee, and accounting framework will tolerate this quarter.

The first is direct ownership with self-custody: coins on the balance sheet, keys in the bank’s control. It is the purest exposure and the rarest, because it triggers everything at once, the harshest prudential capital treatment, under Basel-derived rules a risk weight so punitive that unhedged direct holdings can require capital near the position’s full value, plus operational custody risk the institution must build or buy, plus accounting volatility straight through earnings. A handful of pioneers run small direct books as strategic learning exercises; as a portfolio structure it barely exists.

The second is direct ownership with third-party custody: the bank owns coins held by a qualified custodian. It softens the operational problem and none of the capital problem, and it is the structure banks build for clients, custody as a fee business, far more often than for themselves; Intesa itself has run a proprietary desk and custody buildout along exactly these lines, which makes its choice of a different wrapper for this position all the more instructive.

The third is the exchange-traded fund: regulated, liquid, redeemable, tracking tightly through the creation-and-redemption machinery that keeps share and coin prices glued. For most institutions the ETF is the modern default, which is precisely why a bank bypassing it deserves attention.

The fourth is the trust or closed-end structure, the Grayscale lineage: a fund holding coins, whose shares trade as securities, historically without the redemption loop that disciplines ETF pricing, meaning shares can and famously did trade at large premiums and discounts to the underlying. The fifth is synthetic exposure, futures, notes, certificates, total-return swaps, owning the price without the asset, the structure of choice where regulators permit derivatives more readily than holdings.

JUST IN: Grayscale has categorized $XRP under the
"Global Payments" investment narrative, highlighting its role in cross-border payments and digital financial infrastructure. As institutional interest in blockchain continues to grow, #XRPArmy pic.twitter.com/g4NEi1p86Y

— Michelle Kirby X (@michelekirby623) July 10, 2026 Read as a ladder, the five structures run from maximum conviction and maximum friction at the top to minimum commitment at the bottom, and where an institution steps on reveals its constraints more honestly than its press releases. A bank in a jurisdiction with settled ETF access, clean capital rules, and a supportive supervisor buys the ETF. A bank that buys a trust is telling you something specific.

Why the trust: the unglamorous logic Intesa’s route through Grayscale’s XRP trust looks, at first glance, like choosing a flip phone, and the logic assembles quickly once the constraints are listed.

The first constraint is geography and availability. The US spot XRP ETFs are new, their European availability to a regulated Italian bank’s balance sheet runs through legal and distribution questions that a US-listed trust security, tradeable as an ordinary share, sidesteps; European institutions have bought American trust shares for years precisely because they slot into existing securities plumbing, custody, settlement, and reporting included, with no crypto-specific operational buildout at all. For a first position, or a small strategic one, the wrapper that requires zero new infrastructure wins on cost alone.

The second is the capital and accounting angle. A trust share is a security, held and risk-weighted as one under frameworks the bank already runs, while direct coin holdings drag the punitive crypto-specific capital treatment; the wrapper does not eliminate the exposure’s volatility, and it can materially simplify its regulatory life. The third is discretion and reversibility: an $18 million security position is entered, marked, and exited like any other line in a trading book, with no wallets to explain, no custodian onboarding, no board-level operational review, an experiment sized and structured to be abandonable, which is exactly how serious institutions run first experiments.

In diesem Video geht es um Goldman Sachs, Intesa Sanpaolo, sinkende XRP Bestände auf Börsen und die Frage, warum der Kurs trotz positiver Onchain Daten noch nicht wirklich reagiert.

Außerdem ordnen wir ein, ob die fehlende Krypto Liquidität wirklich verschwunden ist, oder nur… https://t.co/GcYvrwSBk7 pic.twitter.com/ttVelYqLEj

— CryptoTuts (@CryptoTuts) July 9, 2026 The fourth is the trust’s historical quirk turned feature: with spot ETFs now existing as conversion or competition targets, the old discount problem that made trusts hazardous has largely resolved, while the structure retains its accessibility. The instrument that spent years as the cautionary tale about wrappers, its discounts the very evidence that forced the ETF era into being, now serves as the quiet on-ramp for institutions whose plumbing has not caught up to the products the caution produced. Finance rarely wastes an old vehicle; it reassigns it.

The capital rules: the constraint underneath everything The single largest force shaping how banks hold crypto never appears in the headlines, so it earns its own section: prudential capital treatment, the rules deciding how much of a bank’s own equity must stand behind each asset it holds. The international framework finalized by the Basel Committee sorts crypto exposures into groups, with tokenized traditional assets and qualifying stablecoins receiving conventional treatment, and unbacked cryptoassets, the Bitcoin-and-XRP category, consigned to the punitive tier: a risk weight of 1,250%, the framework’s maximum, which in practice requires capital roughly equal to the exposure itself, plus an aggregate cap holding such exposures to a sliver of a bank’s Tier 1 capital. The design intent was explicit, to make direct crypto holdings nearly uneconomic for banks, and it succeeded: no meaningful direct bank crypto book exists anywhere under full Basel-aligned rules.

The wrapper economy documented in this piece is, in large part, the industry’s negotiated response to that number. A trust share or ETF position may, depending on jurisdiction and interpretation, route through securities and funds treatments instead of the maximum weight; synthetic exposures route through derivatives and market-risk frameworks; and client-custody businesses, where the bank never owns the coins at all, sit outside the exposure caps entirely, which is why custody is where bank crypto revenue actually lives. None of this is evasion, every structure is disclosed and supervised, and all of it is arbitrage in the honest sense: institutions selecting, among permitted forms, the one whose capital cost matches their conviction. The forward-looking point follows directly: the capital rules are under active review in multiple jurisdictions, industry bodies have pressed for recalibration as the classification legislation matures, and any softening of the 1,250% regime would do more for bank demand than a decade of conferences, because it changes the only number bank treasurers actually optimize. Watch the consultations, not the keynotes.

The specimen in context: who else, and how Intesa’s disclosure lands within a recognizable cohort, and the cohort’s composition sharpens the reading. European institutions dominate the disclosed-exposure aggregate for a structural reason: MiCA’s arrival gave the continent’s banks a supervisory framework to point to, and supervised clarity, even strict clarity, unlocks more institutional behavior than permissive ambiguity ever has. The cohort’s positions share the Intesa profile almost uniformly, small against the balance sheet, wrapped rather than direct, concentrated in the majors plus, notably, XRP, and framed internally as strategic learning. Around the disclosed positions sits the larger undisclosed economy: bank-run custody for funds and corporates, structured notes and certificates giving private-bank clients crypto exposure, and trading desks making markets in ETPs, all of which generate crypto revenue without crypto balance-sheet exposure and all of which grew straight through the drawdown. The honest map of bank adoption, in other words, is a pyramid: a vast base of client-service activity, a thin middle of wrapped proprietary positions like Intesa’s, and an apex of direct holdings that remains, by regulatory design, nearly empty. Adoption forecasts that conflate the layers, and most do, mistake the pyramid’s base for its apex and misprice both.

What $100M to $235M actually signals The aggregate number behind the Intesa specimen, disclosed bank crypto exposure more than doubling to $235 million in two quarters, invites two opposite readings, and the honest analysis requires holding both.

The deflationary reading starts with scale: $235 million across the European banking system is not institutional adoption; it is institutional curiosity, a few basis points of trading-book capacity spread across a handful of names, an order of magnitude below what single corporate treasuries deployed in the last cycle and three orders below the ETF complex. Banks hold these positions the way they hold any exotic, small, hedged or hedgeable, and structured for exit, and extrapolating a wave from a doubling of a tiny base is the oldest error in institutional-adoption forecasting. The doubling also coincides with the drawdown, which cuts both ways: it is conviction buying weakness, or it is desks accumulating inventory for client products rather than expressing any house view at all, and disclosures rarely distinguish the two.

The inflationary reading counts differently: it counts precedents. Every structure a bank uses for a small position is a structure approved, documented, and reusable for a large one; the expensive part of institutional adoption was never the buying but the permissioning, the risk-committee papers, the regulator conversations, the accounting memos, and each disclosed position is proof that some institution’s permissioning is complete. On this reading, $235 million is not the wave, it is the wave’s paperwork, and the doubling measures how fast the paperwork is clearing. The reading gains force from who is moving: Intesa is not a crypto-adjacent challenger but a systemically important incumbent whose choices get studied by every peer risk committee in Europe, and incumbent behavior is the single best-documented contagion vector in institutional finance.

Both readings share one implication worth stating plainly: the structural bank bid, the one in the conditional price forecasts, remains almost entirely in front of, not behind, the current market, which is precisely why the classification legislation gates so much of every forecast. Banks buy at the pace their constraints dissolve, and the constraints are dissolving on legislative and supervisory calendars, not market ones.

A note on the disclosure mechanics themselves rounds out the specimen. Bank positions of this kind surface through securities filings, fund shareholder registers, and periodic risk disclosures, each with its own lag and granularity, and the analysts who compiled the $235 million aggregate are stitching exactly these sources. The number is therefore a floor, not a census: positions below reporting thresholds, exposures inside synthetic structures, and holdings at institutions with lighter disclosure regimes all escape it, which means the true wrapped-proprietary layer is somewhat larger and its growth rate somewhat smoother than the headline doubling suggests. It also means the series improves mechanically as the asset class formalizes, more filings, finer categories, shorter lags, so part of every future increase will be measurement catching up with reality, a caveat worth carrying into each new headline about bank exposure records.

What a bank position is not Two category errors follow every bank-crypto disclosure, and clearing them sharpens what remains. The first is reading a trading-book position as a treasury strategy. Corporate treasury adopters hold coins as a reserve-asset thesis, financed by their capital structure and marked as conviction; a bank’s wrapped $18 million sits in a book built for exposures that come and go, sized inside limits designed to make its total loss immaterial, and often paired with hedges or client flows invisible from outside. The position’s information value is procedural, not directional: it proves the pipe exists, not that the water is committed. The second error is reading disclosure timing as buying timing. Positions surface through reporting cycles months after their construction, get built across many sessions to avoid moving thin markets, and can be inventory against structured products the bank has sold, not a view at all. The market’s habit of backdating conviction onto the disclosure date has embarrassed every analyst who indulged it, and the professional reading discipline is the same one every filing teaches: the fact is the exposure and its structure; the story is unrecoverable from public data and should be priced accordingly.

There is also the question of what would make a bank sell, which no adoption narrative ever models. Wrapped positions of this size exit for reasons that have nothing to do with crypto, quarter-end optics, risk-limit reshuffles, a supervisor’s raised eyebrow, a desk head’s rotation, and their departure would generate exactly the headlines their arrival did, inverted and equally overread. The institutional bid, when it truly forms, will be identifiable not by any single entry but by its behavior through stress: positions that persist across drawdowns, disclosures that grow through bad quarters, and wrapper migrations toward more committed structures while prices fall. By that standard, the current cohort is untested, the drawdown positions are its first examination, and the next two reporting cycles are worth more than the last ten announcements.

The XRP of it: why this asset, from this buyer The asset selection is its own signal, and it reads differently from a bank than it would from a fund. XRP is, among major assets, the one whose institutional story runs through exactly the world Intesa inhabits: cross-border payments, correspondent banking, and a corporate sponsor that has spent a decade selling to institutions like Intesa, an empire whose honest token accounting this publication has mapped. A European bank taking its crypto first step in XRP rather than only Bitcoin is choosing the asset whose bull case is denominated in its own industry’s plumbing, which makes the position readable as strategic reconnaissance as much as investment: a small, live stake in the asset one’s own payments division will inevitably be asked about.

The timing adds the contrarian layer: the position surfaces with XRP down roughly 70% from its peak, the tradable float at seven-year lows, and sentiment at cycle extremes, which is either exactly when patient institutional money historically steps in, or exactly the environment in which a small position is cheap enough to serve as an option on the payments thesis resolving. Eighteen million dollars does not move the asset. Eighteen million dollars of precedent, from this buyer, in this structure, at this point in the cycle, is the kind of data point the next dozen risk committees cite, and the market’s institutional wave, if it ever arrives, will be assembled out of citations exactly like it.

The historical rhyme deserves a paragraph, because banks have run this exact sequence before. Gold ETFs in the early 2000s, emerging-market debt in the 1990s, and high-yield credit before that each entered bank balance sheets the same way: first as client-service revenue, then as small wrapped proprietary positions justified as market-making inventory, then, after capital treatments matured and a cycle survived, as ordinary allocations nobody announced. The sequence’s clock is measured in years per stage, its motor is regulatory calibration, not price, and its tell, in every prior asset class, was the moment risk committees stopped writing special memos for the exposure, the bureaucratic non-event that never makes news and always precedes size. Crypto’s bank adoption is visibly mid-sequence: the client-service layer is thriving, the wrapped-position layer is doubling off a tiny base, and the special memos are still being written. The Intesa disclosure is one such memo made public, and the forecast it supports is not a price target but a schedule: the asset class is roughly one capital-rule revision and one uneventful cycle away from the stage where positions like this stop being articles.

One more actor deserves mention because it shadows every European bank’s calculus: the ECB and the digital-euro project, whose relationship with private crypto assets ranges from indifference to rivalry depending on the week. A eurozone bank’s crypto position lives under a supervisor whose own institution is building a competing settlement future, and the diplomacy of that position, small enough to be unobjectionable, wrapped enough to be conventional, useful enough to inform the bank’s own digital-asset strategy, explains the specimen’s every parameter as well as any market view does. Banks do not merely hold assets; they hold positions within relationships, and the wrapper is part of the diplomacy.

The signals that would show the wave forming The Intesa specimen suggests its own dashboard, and each line is public. Watch the disclosure aggregate, the $235 million line, for its next doubling and its composition, trusts versus ETFs versus direct, because wrapper migration toward more committed structures is the maturation signal. Watch European ETF and ETP access for banks, the plumbing whose arrival collapses the trust workaround. Watch the supervisory texture, capital-treatment consultations and national supervisor guidance, the constraint whose relaxation moves faster than any narrative. Watch whether custody businesses and proprietary positions converge, banks that custody for clients acquiring house exposure and vice versa, the pattern that preceded every prior asset class’s institutional normalization. And watch the legislation, always, because the classification question sets the risk weights and the risk weights set the size.

The conclusion the dissection supports is deliberately modest and, for that reason, durable. Intesa’s $18 million documents neither a wave nor a fad; it documents a procedure, the specific, replicable, now-approved path by which a trillion-dollar European bank holds a crypto asset without touching a key, and procedures, once they exist, get reused at whatever size conditions permit. The market has spent years pricing the day banks arrive. The disclosure’s quiet news is that the arrival, when it comes, will look exactly like this: no announcement, no wallet, a securities ticket in an old wrapper, and a footnote that compounds.

The dissection closes where it began, with proportion. Eighteen million dollars, one wrapper, one bank: as a market event it is nothing, and the piece has argued it is the most informative kind of nothing, a procedure caught on camera. Institutional adoption was never going to arrive as an announcement, because institutions do not announce; they file, and the filing cadence, the wrapper choices, and the capital consultations are the wave in its only observable form. Readers who want to track it need three bookmarks, the disclosure aggregates, the Basel-review docket, and the European ETP-access rulings, and one habit: when the next bank position surfaces, ask not how much but through what, because in this corner of the market, the plumbing is the story, and it has been telling it, quietly and in public, one footnote at a time.

And one sentence for the traders who read this far looking for the signal: there is none on the tape today, and there is a precise one coming, because bank flows, unlike whale flows, pre-announce themselves through rulemaking, and the rulemaking calendar is public. The edge in this corner of the market is not speed. It is literacy, and the literacy is teachable, which is what this dissection was for.

The specimen will be superseded, probably within a quarter, by a larger name or a bigger number, and the framework will not: five wrappers, one capital regime, a pyramid of adoption layers, and a disclosure lag between them all. Keep the framework, discard the headline, and the next footnote reads itself.

A closing housekeeping note: the exposure figures cited here reflect analyst compilations of public disclosures at this writing, the wrapper landscape is being actively reshaped by ETF access rulings and capital consultations, and readers applying this framework to future disclosures should expect the menu’s relative costs, though not its structure, to have shifted. The structure is the durable part; it always is.

The banks, unlike the traders, are in no hurry, and the wrappers, unlike the narratives, keep perfect records; between those two facts sits everything this piece has argued.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Digital asset markets are volatile, and you can lose your entire investment. Figures are current as of July 9, 2026, and may change. Always do your own research.

XRP is at risk of a downside move, as falling open interest and a possible bear flag pattern point to $1.04 as the next key support level.

XRP continues to show signs of weakening momentum, with both on-chain data and technical indicators pointing to intense selling pressure.

A CryptoQuant analysis reveals declining participation in the derivatives market. At the same time, chart analysis suggests a bearish continuation pattern could send the token toward lower support levels.

XRP Open Interest Drops Lower CryptoQuant verified author PelinayPA highlighted that XRP’s open interest on Binance has fallen to $350.6 million, one of its lowest readings in recent months. The decline suggests traders are increasingly closing leveraged positions and preferring to stay on the sidelines as interest in derivative exposure to the asset drops.

The open interest across all exchanges has also followed a similar trajectory. At the time of writing, the metric stood at $776 million, reaching lows last seen in February.

Meanwhile, the Network Value to Transactions (NVT) ratio remains elevated at 162.86. High NVT readings generally indicate that network activity has not recovered enough to impact XRP’s valuation. This suggests that activities on the XRP Ledger remain minimal and continue to affect the asset’s recovery negatively.

XRP OI and NVT/CryptoQuant Taken together, the analyst noted that these indicators reflect a market where risk appetite has cooled considerably, leaving sellers with the upper hand. Unless the current condition changes, the XRP price remains vulnerable and could drop further.

Bear Flag Pattern Puts $1.04 in Focus Meanwhile, a 1-hour chart analysis from Ali Martinez adds to the cautious outlook. In a parallel analysis, he identified a bearish formation that could potentially push XRP lower.

An accompanying chart shows that after a sharp decline, XRP has been consolidating inside what appears to be a bear flag. Its price is compressing between the structure’s upper resistance and the ascending support trendline below.

XRP Bear Flag/Ali Martinez Notably, this type of pattern often represents a pause after an extended downtrend rather than the beginning of a sustained recovery. Prices make higher lows but are unable to break above a horizontal resistance level. Eventually, a breakdown occurs, starting the next leg down.

Martinez suggested that if this is a flag pattern, then XRP is at risk of further downsides. The flag breaking down could start a measured move toward $1.04, a 5% drop from the current market price of $1.10.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Bitmine Immersion Technologies (NYSE: $BMNR), chaired by Fundstrat's Tom Lee, has purchased another 20,500 $ETH worth approximately $35.9 million from Galaxy Digital, according to onchain data cited by Lookonchain. The transaction is the company's second major Ethereum buy in as many days and adds further momentum to what has become one of the most closely watched corporate accumulation stories in crypto.

Back-to-Back Buys Push Holdings Higher The latest purchase follows a reported acquisition of 40,000 ETH on July 8, executed through FalconX and Kraken. Combined, the two transactions total roughly 60,500 ETH acquired within days. As of July 5, 2026, Bitmine's holdings stood at 5,742,237 ETH, representing approximately 4.8% of the total ETH supply of 120.7 million tokens. The latest buys reported on July 10 would push that figure higher still, bringing the company closer to its stated target.

The "Alchemy of 5%" and What's at Stake Guided by its philosophy of "the alchemy of 5%," Bitmine is committed to ETH as its primary treasury reserve asset, leveraging native protocol-level activities including staking and decentralised finance mechanisms. A 3.5 million share 9.50% Series A Perpetual Preferred (BMNP) deal raised about $273.8 million to fund additional digital assets, validator growth, and strategic ETH-ecosystem investments.

Chairman Thomas Lee attributed Ethereum's recent outperformance of Bitcoin and Bitmine's continued accumulation to rising investor optimism that the proposed Clarity Act will pass and bring greater regulatory certainty to crypto, especially Ethereum. Lee also believes Ethereum is undervalued, citing tokenization and rising demand from artificial intelligence applications as long-term catalysts.

Annualized staking revenues are projected at $235 million, with 4.9 million ETH representing 85% of the 5.74 million ETH held by Bitmine. Bitmine's crypto holdings rank it as the number one Ethereum treasury and number two global treasury, behind Strategy Inc. (NASDAQ: MSTR).

Sources:
Bitmine official press release via PR Newswire, July 6, 2026
CoinDesk: Bitmine adds $74 million in Ether as Tom Lee bets on Clarity Act boost
Yahoo Finance: Bitmine Purchases Another $74 Million of Ethereum

Following the launch of Robinhood’s new Layer 2 blockchain, Robinhood Chain, on July 1, the network has already seen more than $70 million worth of Ether transferred onto the platform in its first week. Data from Token Terminal highlights the rapid influx of liquidity to the chain during its debut, signaling strong early adoption.

First week metrics draw attentionBuilt on Arbitrum and fully compatible with the Ethereum Virtual Machine, Robinhood Chain uses ETH as its native transaction fee token. The company has positioned the network as both artificial intelligence-friendly and focused on real-world asset tokenization. As a US-based fintech, Robinhood is known for enabling stock and crypto transactions.

Token Terminal analysts suggest that if this rate of user adoption continues, Robinhood Chain could emerge as a significant new source of demand for ETH. They note that the network has swiftly converted liquidity into on-chain economic activity, creating a meaningful new channel for ETH utilization.

Token Terminal emphasizes that Robinhood Chain is rapidly transforming liquidity into economic activity, establishing an effective path for increased ETH demand.

During the network’s opening week, daily active users climbed to 194,000. Daily revenue reached $39,000, which annualizes to approximately $14 million, indicating the chain’s strong growth trajectory since launch.

Liquidity and total value locked soarDefiLlama data paints a similar picture. According to the platform, total value locked (TVL) on Robinhood Chain hit 46,748 ETH, or about $83 million at market prices. On Thursday alone, deposits totaled 31,855 ETH, equal to roughly $55 million based on current valuations.

IndicatorLevelETH moved in first weekOver $70 millionTotal value locked46,748 ETHDaily active users194,000Daily revenue$39,000Uniswap founder Hayden Adams remarked that most of the activity on Robinhood Chain is denominated in ETH. He explained that ETH serves as the primary asset in trading pairs, holds the highest trading volume, and is also the settlement currency for block space fees.

Hayden Adams reported that a significant portion of Robinhood Chain activity is ETH-based, and that ETH is also burned on the mainnet as part of the network’s data storage fees.

Tokenized stocks drive ETH demandRobinhood is also offering tokenized stocks to clients in over 120 countries. Growing interest in representing US stocks on the blockchain is bolstering Ethereum’s and Layer 2 networks’ standing in the real-world asset space. Data from RWA.xyz indicates that over half of the market share for real-world asset tokenization lies within the Ethereum ecosystem.

Andri Fauzan Adziima, head of research at Bitrue Research Institute, stated that early trading volumes confirm a growth cycle for Layer 2 solutions, generating strong new demand for ETH. Tim Sun, senior researcher at HashKey Group, highlighted that Robinhood Chain’s use of ETH for gas fees is structurally positive for the Ethereum network.

On Friday, the price of ETH climbed as high as $1,775. Nevertheless, the token remains 64% below its August 2025 record high.

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

TLDR: ETH latest news shows Robinhood Chain attracted over $70 million in bridged ETH within its first week, adding fresh demand signals for Ethereum. Robinhood Chain reached around 194,000 daily active users and more than $80 million in TVL as early liquidity moved into the new network. DEX volume briefly topped $560 million after CASHCAT trading accelerated, showing how memecoin activity pushed the RWA-focused chain into focus. Arbitrum also gains from the launch, as 10% of Robinhood Chain protocol net revenue flows back to the wider ecosystem under AEP. Robinhood Chain is turning into a fresh Ethereum growth story just one week after launch. In this latest ETH news update, the network has attracted over $70 million in bridged ETH. Token Terminal reported the figure after the chain’s debut week. 

The Arbitrum-based Ethereum Layer 2 uses ETH as its native gas token and supports tokenized real-world assets. 

The chain has also reached around 194,000 daily active users, while total value locked climbed above $80 million. ETH traded near $1,770 at press time, rising more than 3% over the past week.

ETH Latest News: Robinhood Chain Turns Liquidity Into Demand Robinhood Chain launched on July 1 and quickly pulled liquidity from Ethereum mainnet. Token Terminal data shows ETH bridged to the network jumped 70x in one week. That move matters as every transaction on the chain uses ETH for gas.

Since launch, Robinhood Chain has grown to over $80M in TVL, over $200M in stablecoins, and $800M in cumulative DEX volume. pic.twitter.com/6ctvI2WuZy

— DefiLlama.com (@DefiLlama) July 9, 2026

The platform is built with Arbitrum Orbit and targets tokenized stocks, real-world assets, and AI applications. Robinhood also expanded tokenized stock access to users in more than 120 countries. That gives the network a broad retail base from launch week.

In this ETH latest news cycle, analysts are watching whether activity becomes durable. Token Terminal reported about $39,000 in daily revenue, equal to a $14 million annualized run rate. DefiLlama data also showed TVL near 47,000 ETH, worth more than $80 million.

Uniswap founder Hayden Adams said most activity on Robinhood Chain is ETH-denominated. ETH serves as the main trading pair, the highest-volume asset, and the gas token. It also pays Ethereum mainnet data storage fees, which links activity back to L1 demand.

HashKey researcher Tim Sun called the launch a structural positive for ETH. He said wallet growth, bridged assets, and transaction demand all create recurring usage for the asset. 

Memecoin Volume Tests Robinhood Chain’s RWA Ambitions Robinhood Chain was designed for tokenized finance, but memecoin trading drove its first major volume spike. DefiLlama data showed daily DEX volume above $560 million at one point. That briefly placed the chain ahead of Hyperliquid in 24-hour decentralized exchange activity.

CASHCAT became the main speculative driver. The token, linked to Robinhood’s early mascot, surged more than 1,000% over three days. It also pushed heavy trading through Uniswap, the network’s main decentralized exchange.

CEO Vlad Tenev added to the buzz after saying Robinhood Chain works well for memes too. He also promoted the broader “Robinhood Summer” theme. The company is covering gas fees for eligible Robinhood Wallet users until September 29.

The latest ETH news focus now sits between two forces. On one side, Robinhood Chain may bring tokenized stocks and RWAs to a larger global audience. On the other side, its first burst of activity came from speculative tokens.

The Arbitrum ecosystem also benefits from the launch. Under the Arbitrum Expansion Program, 10% of Robinhood Chain protocol net revenue flows back to the ecosystem. The split sends 8% to the Arbitrum DAO treasury and 2% to the Developer Guild.

ARB rose nearly 10% after the revenue-sharing details gained attention. Trading volume also more than doubled above $104 million. For Ethereum, the bigger test is whether RWA demand can replace early memecoin flows.

The Ethereum Foundation has dissolved its Protocol Support team as part of a broader restructuring that recently cut about 20% of the nonprofit’s workforce.

Summary

Ethereum Foundation dissolved Protocol Support after five years coordinating upgrades, developer meetings and fellowship programs worldwide. Several team members lost their roles following the Foundation’s broader 20% workforce reduction announced recently. Core protocol work continues under Ethereum Foundation’s new structure, but some support programs face uncertainty. Protocol Support coordinated several parts of Ethereum’s development process. Its work covered core developer meetings, network upgrade tracking, Ethereum Improvement Proposal support and programs that trained new protocol contributors.

The Protocol Support account confirmed the team’s closure on X. It also invited Ethereum organizations seeking experienced developers to contact former team members.

the EF Protocol Support team has been dissolved 🖖

— EF Protocol Support (@EFprotocol) July 9, 2026 Mario Havel, who worked with Protocol Support for more than five years, said he remains at the Ethereum Foundation. However, he confirmed that the rest of his team had been dissolved and that several colleagues had lost their roles.

“I am still part of EF, continuing my work and figuring out what’s most needed in the future,” Havel wrote on X. “However, all of my team, Protocol Support, that I have been part of for 5+ years, has been dissolved.”

I was getting questions about recent EF layoffs and my situation so I should share something public as well.

I am still part of EF, continuing my work and figuring out what's most needed in the future. However, all of my team, Protocol Support, that I have been part for 5+… https://t.co/KRgKxiXQpa

— Mario Havel (@TMIYChao) July 8, 2026 Havel described the closure as the “bitter end” of a team that had supported Ethereum’s core development process through several forms and leadership changes.

Team managed key Ethereum developer programs Protocol Support helped organize All Core Developers meetings, where client teams and researchers discuss proposed upgrades. It also supported breakout calls, tracked network fork readiness and helped contributors understand Ethereum’s technical roadmap.

The team maintained Forkcast, a public platform that tracks Ethereum upgrades, proposed EIPs, testnet launches and mainnet activation plans. Former team lead William Morriss said the restructuring had ended his Ethereum Foundation role.

Protocol Support also ran the Ethereum Protocol Fellowship. The program trained developers seeking to contribute to Ethereum’s core protocol and connected participants with client teams, researchers and other technical groups.

Havel said he and former colleague Josh Davis built the fellowship over four years. The program has since brought dozens of new developers into Ethereum’s core development community.

The Foundation had opened applications for the seventh Ethereum Protocol Fellowship cohort in April. The available statements did not explain whether the current cohort will continue under another team.

Closure follows wider Foundation layoffs The team’s dissolution follows the Ethereum Foundation’s new organizational structure, announced on June 23. The Foundation cut 54 positions, equal to roughly 20% of its workforce, after a months-long review of its activities and spending.

As previously reported by crypto.news, the Foundation reorganized its work into five main areas: protocol, access, user, community and institutional layers. Separate groups handle operations and management.

The Foundation said affected workers would receive severance, career transition support and grants for related expenses. It described the changes as necessary to focus its staff and resources on work that the organization must perform over the coming years.

The latest closure also follows earlier changes to Ethereum’s research and development structure. The Foundation reduced its Protocol Research and Development team in 2025 and renamed the remaining group Protocol.

Core protocol work remains active The new protocol cluster remains responsible for Ethereum’s underlying technology. Its stated tasks include shipping upgrades safely, reducing technical complexity and improving privacy, security and censorship resistance.

Ethereum developers are also working on the Glamsterdam upgrade. The planned update includes changes to block construction, data access and network performance, as crypto.news previously reported.

However, the Foundation has not publicly detailed where every Protocol Support responsibility will move. The future management of developer meetings, Forkcast, fellowship programs and EIP support therefore remains unclear.

Protocol development does not depend on one Foundation team because Ethereum client developers, researchers and independent contributors work across several organizations. Still, Protocol Support provided coordination services that connected many of those groups during network upgrades.

Bitcoin and Ethereum options worth about $1.75 billion expired on July 10 as traders maintained a cautious view of the crypto market.

Summary

Bitcoin options worth $1.5 billion expired as traders watched the key $62,000 maximum pain level. Ethereum’s 1.26 put-call ratio reflected unusually high demand for downside protection during the weekly expiry. Institutional traders sold short-term calls, suggesting limited confidence in a sustained crypto market rally ahead. According to data shared by Greeks.live, about 23,000 Bitcoin options expired with a notional value of $1.5 billion. The contracts had a put-call ratio of 0.97 and a maximum pain level of $62,000.

Meanwhile, 140,000 Ethereum options expired with a notional value of $250 million. The ETH contracts carried a put-call ratio of 1.26 and a maximum pain level of $1,700.

Bitcoin options traders limit short-term upside Bitcoin remained above $60,000 for most of the week and briefly reached $64,000 during Asian trading on Friday. The price later stayed close to a resistance area between $64,000 and $64,500.

The weekly expiry covered about 7% of outstanding options, making it smaller than recent monthly and quarterly settlements. Therefore, the contracts alone were unlikely to cause a lasting move in the spot market.

July 10 Options Data

23,000 BTC options expired, with a put-call ratio of 0.97, a maximum pain point of $62,000, and a notional value of $1.5 billion.
140,000 ETH options expired, with a put-call ratio of 1.26, a maximum pain point of $1,700, and a notional value of $250… pic.twitter.com/6sx0FWNJMF

— Greeks.live (@GreeksLive) July 10, 2026 Bitcoin’s gamma exposure was concentrated near $64,000. A large number of call options also accumulated around that level, which may affect dealer hedging as the price moves through the strike.

However, Greeks.live said large call trades increased during the week because traders sold short-term calls slightly above the market price. This strategy generates income when traders expect an asset to remain flat or fail to rise beyond a selected strike.

The activity suggested that institutional traders had doubts about Bitcoin’s near-term upward momentum. Still, the 0.97 put-call ratio showed that the total number of puts and calls in the expiry remained nearly balanced.

Options skew retains downside bias In a separate options market update, Greeks.live said Bitcoin’s 25-delta skew had stabilized after a sharp repricing during June.

The one-day, seven-day and one-month readings stood at -6.4%, -6.7% and -7%, respectively. Negative skew means traders are paying more for downside protection than for similar bullish positions.

BTC's 25 delta skew has stabilized across the curve following the sharp repricing observed through June, although downside protection continues to command a premium across all major maturities. Current readings stand at -6.4% (1D), -6.7% (7D), and -7.0% (1M), indicating that… pic.twitter.com/An1c7KyrgY

— Greeks.live (@GreeksLive) July 7, 2026 “Puts continue to trade at a premium to calls across all major expirations,” the firm said. 

However, it added that the size of that premium had become more uniform across different contract periods.

The data showed that defensive demand was no longer concentrated only in contracts close to expiry. Medium-term options also accounted for a larger part of the downside premium.

Greeks.live described the setup as a “more normalized term structure” but said options pricing retained “a persistent downside bias.” The statement reflects current positioning and does not guarantee that Bitcoin will decline.

The July 3 expiry also showed demand for short-term downside protection. That event involved $1.9 billion in BTC options, with maximum pain at $61,000.

Ethereum puts remain unusually elevated Ethereum’s put-call ratio reached 1.26, meaning put options outnumbered calls in the weekly batch. The ratio remained high for a second consecutive week after reaching 1.29 during the previous expiry.

Greeks.live linked much of that activity to protective positions with strike prices below $1,500. These puts were deeply out of the money as expiry approached, but they showed that some traders had hedged against a sharper ETH decline.

Ethereum gamma exposure was concentrated near $1,750, with call accumulation also visible around the level. However, ETH remained below the $1,700 maximum pain area during parts of the settlement period.

Ether traders showed heavier put demand during the July 3 expiry. The earlier batch included 135,000 ETH contracts with a 1.29 put-call ratio and maximum pain at $1,650.

Broader markets keep crypto activity subdued The options expiry followed a week of mixed price action across crypto and traditional markets. U.S. and South Korean equities also faced corrections, while traders assessed interest-rate policy and geopolitical risks.

As reported by crypto.news,Bitcoin recently lost the $64,000 level after a hawkish Federal Reserve decision. The change in rate expectations reduced demand for several risk assets.

Open interest remained large despite the smaller weekly expiry. Bitcoin options open interest across exchanges stood near $28.7 billion, while Ethereum options open interest was about $4.4 billion.