Analyst’s Disclosure: I/we have a beneficial long position in the shares of NVDA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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UnitedHealth Group remains undervalued and is positioned as a strong long-term investment despite recent price appreciation and operational challenges. Management maintains a long-term growth algorithm of 13–16% bottom-line growth, driven by margin recovery, AI investments, and capital allocation including share buybacks. Current valuation models, even with conservative growth assumptions, suggest significant intrinsic value upside, but recent rapid price gains may limit short-term upside.
Biogen (BIIB +3.04%) built itself into a biotech giant thanks to its portfolio of multiple sclerosis (MS) drugs -- but in biotech and pharma, revenue growth depends on the life of a patent. Once a company loses exclusivity, generics or biosimilars enter the market, and the leader's drug sales decline. This is the challenge Biogen has faced in recent years, as MS blockbusters faced growing competition.
But the biotech giant put into place a recovery and growth plan, shifting many costs out of the MS franchise and into areas that represented growth potential. Biogen also made strategic acquisitions, announcing its intention to buy Apellis Pharmaceuticals, an immunology and rare diseases drug company, in March and closing the deal in May.
And just recently, Biogen announced another purchase. This time, the biotech is paying $1 billion for a company that won't say what it makes. Here's why this actually is good news for Biogen investors.
Image source: Getty Images.
Biogen's multiple sclerosis business Let's start with a quick update on Biogen. As mentioned, the biotech company was once known as an MS giant, and it still sells a number of important MS drugs, such as Tecfidera and Tysabri. But loss of exclusivity made a significant dent in revenue, with Tecfidera's peak sales of $4.4 billion in 2019 dropping to $1.4 billion in 2022. In the latest fiscal year, all of Biogen's MS drugs, together, delivered $4 billion in revenue, further highlighting this decline.
In the recent quarter, chief executive officer Christopher Viehbacher said that after four years of declining earnings in 2023, the turnaround began -- and Biogen finally has been able to "stabilize the business." The shift of focus to growth products helped these drugs deliver a 12% increase in sales to $850 million in the first quarter. These are key neurology drugs such as Leqembi for Alzheimer's disease, Skyclarys for Friedreich ataxia, and postpartum depression drug Zurzuvae. They each brought in double- or triple-digit sales growth.
And though Biogen hasn't returned to its peak earnings levels, it looks like a rebound is taking shape, and this may lead to fresh growth.
BIIB Net Income (Quarterly) data by YCharts
Acquisitions to support growth Biogen, of course, has a solid internal pipeline, but the company, aiming to make immunology another key area, has used acquisitions to gain strength here. As mentioned, Biogen bought Apellis, gaining access to two commercialized drugs in this specialty area: Empaveli for three indications, including two rare kidney diseases, and Syfovre for an immune-mediated retinal disease. These drugs together delivered sales of $689 million last year.
Now, let's consider the company's very latest move, and that's to acquire RayThera for as much as $1 billion, including an upfront payment and potential milestone payments. RayThera's website doesn't offer much detail about its candidates -- we don't know the exact diseases they target. What we do know, from the acquisition press release, is that the portfolio "includes multiple anti-inflammatory assets that could potentially treat immune-mediated conditions across a range of indications." And the company's lead candidate is on track to enter a phase 1 trial in the third quarter.
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Why is all of this good news for shareholders? The above statement suggests that RayThera's candidates aren't just targeting a disease or two. Instead, they might have the ability to treat a significant number of immune-mediated illnesses, and that could equal enormous revenue potential down the road. The global immunology market is massive, totaling more than $112 billion last year, according to Fortune Business Insights. Since Biogen is seeking to build out its immunology business, this addition could be a very wise move.
Of course, it's important to keep in mind that a lead candidate that's about to enter phase 1 doesn't result in revenue right away. The RayThera assets, even if successful through clinical trials, will take years to reach the commercialization stage. But that's OK. A biotech company must have a deep pipeline to generate the winning drugs of tomorrow. So acquiring Apellis to gain access to already commercialized drugs and buying RayThera for its pipeline were great strategic moves.
Biogen, after a few tough years, seems to be on the right track toward building out new growth businesses that may deliver over time -- and this is a solid reason to buy and hold the shares.
While the market remains largely focused on newly IPO'd Space Exploration Technologies (SPCX +2.69%), known as SpaceX, and whether it will merge with Tesla or acquire T-Mobile, smaller rival Rocket Lab (RKLB +0.32%) just made a very big move. On Monday, it announced plans to acquire Iridium Communications (IRDM 3.54%) for $8 billion.
At first blush, it doesn't appear to mean much. Both minor players will remain minor players compared to SpaceX, even after the pairing is consummated. And perhaps that expectation is accurate.
Nevertheless, this union has the potential to produce a sizable reward for patient Rocket Lab shareholders.
Image source: Getty Images.
The complementary deal It's a smart match. Rocket Lab has already perfected a reusable small-lift launch vehicle called Electron, capable of putting up to 660 pounds of payload into low-Earth orbit. It's working on a medium-lift rocket with much greater power, too.
At the same time, it designs and builds satellites as well as components such as solar panels and propulsion systems that enable them to operate as intended. This satellite business accounts for more than half of its revenue, in fact.
What Rocket Lab doesn't do, though, is directly meet real-world needs with its technological solutions. But with Iridium, it can.
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In simplest terms, Iridium Communications makes and markets communications and geopositioning solutions for maritime vessels and aircraft, defense forces, and emergency personnel, and navigation assistance for personal and commercial purposes, including equipment that's part of the so-called Internet of Things, which requires constant connectivity.
Most of these solutions require communication with satellites in --- you guessed it -- low-Earth orbit, which Rocket Lab now regularly reaches with ease. As of the latest count, 91 Electron launches have successfully deployed over 260 satellites. Now, institutions with this sort of technological need can get it all from one single, integrated source.
Plenty of opportunities ahead Iridium boasts capabilities similar to (if not identical to) those of SpaceX. It's also leaps and bounds bigger than Rocket Lab, giving it more marketing firepower.
Don't dismiss the potential of this integrated offering, though. Customers with this sort of technological need are typically looking for something very specific, such as Iridium's Blynk Internet of Things low-code platform for remotely managing air purification systems and industrial sensors, or solutions like Rocket Lab's reaction wheels that control a satellite's orientation. It's conceivable that in many cases, the new-and-improved Rocket Lab may be the only outfit that can meet a particular need.
Up for grabs is an impressive amount of money, too. Precedence Research suggests the worldwide space launch market is poised to grow from just over $20 billion this year to more than $70 billion per year by 2035. That's still only a fraction of the future space technology market, though, which Precedence expects to double in size between now and 2035, when it will be worth $1 trillion.
With Iridium's tech on its menu, Rocket Lab is positioned to capture at least its fair share of this growth.
For the first time in six decades, Berkshire Hathaway (BRKB +1.61%)(BRKA +1.41%) is run by someone other than Warren Buffett. Greg Abel took over as CEO at the start of 2026, and his first months have given investors plenty to chew on -- most of all a record cash pile of about $397 billion at the end of the first quarter, up from $373 billion at the end of last year. That war chest is equal to more than a third of the company's $1.1 trillion market value.
So, with a new leader and an enormous amount of dry powder, is the stock a buy?
Image source: They Motley Fool.
Abel is already putting his stamp on it Abel has not sat still. In his first big deal, Berkshire agreed to buy homebuilder Taylor Morrison for $6.8 billion, or $72.50 a share -- a 24% premium. He also steered Berkshire into an unusual place for a firm that long avoided technology: a $10 billion private placement in Alphabet, taken at a discount, that pushed its stake in the Google parent past $26 billion. Meanwhile, he put a stop to the recent trimming of the Apple position before he took over, leaving it the portfolio's largest at about 22%. And he restarted buybacks with a repurchase of about $234 million in March, after a 21-month pause.
The pattern says a lot. Abel is deploying capital, not just hoarding it -- but selectively, waiting for a price he likes before he acts. That is recognizably the Buffett playbook, with a sharper willingness to move on a good opportunity.
Taken together, the moves sketch a CEO willing to lean into places his predecessor mostly sidestepped -- homebuilding tied to a national housing shortage, and artificial intelligence by way of Alphabet's spending on it. Warren Buffett, who stayed on as chairman, publicly praised the Taylor Morrison deal, saying Abel pulled it off faster than he could have himself. That matters because the biggest question hanging over Berkshire was never its businesses. It was whether a new hand could allocate capital with the same discipline. Early on, Abel is answering it.
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On valuation, Berkshire trades at about 1.5 times book value, close to its 10-year average, and around 15 times earnings. That is neither cheap nor expensive. What you get for it is a collection of durable businesses -- a sprawling insurance operation, the BNSF railroad, a large energy unit, and an equity book worth more than $300 billion -- plus that record pile of cash.
The operating businesses are pulling their weight, too. First-quarter operating earnings rose about 18% year over year, helped by the insurance units whose float gives Berkshire cheap capital to invest. Those earnings are lumpy (insurance almost always is), but the collection of railroad operations, utilities, and wholly owned businesses under the stock generates meaningful, growing profit that doesn't depend on which way the equity portfolio swings in a given quarter.
And the company's cash is the real swing factor. In a jittery market -- and the recent sell-off in chip stocks is a reminder that volatility always finds its way back -- $397 billion of ready capital is an asset, giving Abel the means to pounce if prices fall. The flip side, however, is that the same cash raises the stakes on how well he deploys it. A misjudged megadeal is the clearest downside, and the fresh tech tilt adds both some opportunity and a risk to a famously tech-averse portfolio. With that said, Apple has been Berkshire's largest equity holding for years. So maybe the growing Alphabet stake is just a normal evolution of Berkshire's business.
On balance, I think Berkshire is a reasonable buy here for patient investors. It isn't a bargain, but it is a fairly priced set of high-quality businesses backed by a record war chest and a new CEO who has shown he will act. The Abel era looks like continuity with a harder edge -- and at about 1.5 times book value, that strikes me as a fair price to pay for it.
The income generated by cryptocurrencies continues to fuel political debates in the United States. After the publication of information reporting gains exceeding $1.4 billion from activities related to digital assets, Trump finds himself once again at the center of discussions. This time, Democratic Senator Kirsten Gillibrand proposes to ban politicians and their spouses from issuing or promoting memecoins. This initiative revives the debate on conflicts of interest, digital asset regulation, and the ethical rules applicable to American elected officials.
In brief Kirsten Gillibrand proposes to ban elected officials and their spouses from issuing or promoting memecoins. Donald Trump reportedly earned over $1.2 billion through his cryptocurrency activities last year. The senator believes this reform is necessary to limit conflicts of interest and strengthen ethical rules. The debate could influence discussions around the Clarity Act and future cryptocurrency regulations in the United States. Trump at the Heart of a New Bill Proposal New financial disclosures have prompted New York Senator Kirsten Gillibrand to renew her call for stricter oversight. According to information published this week, Trump reportedly generated over $1.4 billion from his cryptocurrency activities in the past year. This situation, according to the elected official, reinforces the need to review the rules governing politicians.
This is a common-sense requirement that should garner broad bipartisan support: elected officials and their spouses should not issue memecoins. We cannot allow conflicts of interest to compromise efforts to strengthen consumer protection, combat illicit finance, and expand economic opportunities for the millions of Americans left behind by our financial system.
Kirsten Gillibrand, Democratic Senator. Source: Senator’s press release. The proposal aims to prohibit elected officials and their spouses from issuing or promoting digital assets, including memecoins. In this context, Trump and First Lady Melania Trump are directly concerned. The president is said to have earned more than $635 million through his memecoin developed on the Solana blockchain. For Kirsten Gillibrand, this measure is a matter of common sense likely to receive bipartisan support.
Kirsten Gillibrand Highlights Ethical Issues Beyond Trump’s case, the senator asserts her aim to strengthen the ethical rules applicable to public officials. She believes conflicts of interest risk undermining efforts to protect consumers, combat illicit finance, and promote better access to financial services. Her goal is therefore to prevent elected officials from profiting financially from their positions.
Kirsten Gillibrand occupies a particular place in the cryptocurrency debate. Although she is among the most pro-sector Democratic senators, she also supports a stricter ethical framework.
Earlier this year, she participated in a bipartisan initiative aimed at preventing Congress members from betting on prediction markets. She also advocated for a ban on stock trading for officials during their term. According to her, Trump, Congress members, and their spouses should not be able to financially benefit from their positions.
Memecoins Also Fuel the Crypto Regulation Debate Ethical issues have also influenced discussions around the Clarity Act, the bill dedicated to the cryptocurrency market structure. In May, a senator indicated that “the bill could not move forward without adding provisions concerning President Trump’s activities.” This request aimed to include specific rules governing public officials’ financial interests.
Ultimately, when the bill passed a key stage in the Senate, no compromise had been reached on these ethical provisions. Despite this lack of agreement, discussions about Trump and memecoins continue to play an important role in the negotiations.
Meanwhile, Galaxy researchers now estimate that the chances of the Clarity Act being adopted this year are close to 50%. According to their analysis, the main obstacle remains the legislative timetable rather than a lack of political will. Debates around Trump may thus continue to accompany the evolution of cryptocurrency regulatory frameworks in the coming months.
The upcoming discussions in Congress will measure whether Kirsten Gillibrand’s proposals will find sufficient support. Meanwhile, the debate around Trump, memecoins, and ethical rules could continue to influence the development of crypto regulation in the United States, as several legislative texts are still under discussion.
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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.
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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.
ONDO remained in the market spotlight on Friday, July 3, as its price hovered near a crucial breakout level, trading at $0.3334. The token saw a modest 0.49 percent increase over the last 24 hours, while its daily trading volume plunged by 35.5 percent to $55.02 million. Over the past week, ONDO’s price has gained a total of 4.72 percent, maintaining a steady upward momentum that continues to draw attention from both analysts and investors.
Breakout zone drives short term sentimentAccording to analyst Cryptorphic, ONDO recently overcame a major resistance area and has been trying to maintain its position above this level. The analyst notes that the sideways movement following a sharp rally is typical in the short term, prompting market participants to closely watch whether buyers can successfully defend the former resistance zone.
Cryptorphic expects the $0.321 to $0.323 range—the previous breakout area—to be retested. If buyers manage to hold this zone, it could serve as a short term entry point for active traders. The current price movement near the recent support band reinforces the relevance of this scenario.
Cryptorphic highlights that ONDO has left behind a key resistance level, and the price is now entering a healthy consolidation phase above this area.
Potential upside targets have been set at $0.340, $0.350, and $0.363 in the near term. The short term risk threshold is identified as any move below $0.316, underlining the continuing importance of the breakout zone in ONDO’s current trading setup.
Support and resistance levels draw focusData from CoinLore indicates that the primary short term support lies at $0.3104. Meanwhile, the nearest resistance is found at $0.3764. If the breakout area fails to hold, $0.3104 is expected to act as the first line of defense on the downside.
Should ONDO break above $0.3764, the next resistance barriers sit much higher at $0.4620 and $0.5829. Conversely, losing support at $0.3104 could send the price towards $0.2089, a more substantial downside cushion. Together, these markers outline clear boundaries that traders are watching closely on ONDO’s chart.
Divergence emerges in derivatives dataAccording to CoinGlass, ONDO’s futures volume dropped by 31.65 percent to $138.14 million. In contrast, open interest—reflecting the total value of outstanding contracts—increased by 7.50 percent, reaching $151.28 million. The open interest weighted funding rate stands at 0.0044 percent.
For context, open interest refers to the aggregate number of active but unsettled derivatives contracts. The funding rate measures the periodic payments exchanged between long and short futures positions to maintain price stability in perpetual contracts.
This mixed picture suggests that, while trading volume is declining, market positioning is actually rising. Although the immediate direction remains uncertain, ONDO’s price movements appear to be converging toward key inflection points.
Technical indicators signal a tight trading rangeTradingView data shows ONDO trading close to its short term moving average cluster. As of this update, the 20 day exponential moving average is at $0.3317, the 50 day at $0.3404, the 100 day at $0.3382, and the 200 day at $0.3833. The fact that the price remains under its 200 day moving average points to a cautious outlook in the longer term.
Bollinger Bands analysis puts the midline at $0.3346, the upper band at $0.3791, and the lower band at $0.2900. Trading near the midline indicates ONDO is stuck within its recent daily range, making the $0.321 to $0.323 zone the most closely watched area for short term moves.
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.
Hyperliquid (HYPE) price is hovering near $69. The bullish crossover reflects increasing buying pressure. Zooming in on the altcoin market, Hyperliquid (HYPE) attempts to trade on the upside, breaking bearish chains. If the bulls turned stronger, they would dictate their further trajectory. The charts exhibit the short-term fading of bearish momentum.
Also, the technical setup is flipping positive, as the asset hovers within the green zone. The bullish price structure confirms that buyers are dominating the broader market trend of HYPE.
Moreover, Hyperliquid is currently trading near the $69.25, with a 6.34% gain in value over the last 24 hours, according to CoinMarketCap data. The price is holding above the daily low noted at $65.00, and below the daily high of $69.30.
The trading pattern of the asset shows that the short-term momentum would find significant resistance at $69.57, followed by a range above $69.90. The bulls would hit a higher level, which decides HYPE’s trajectory. On the other hand, the first support level of Hyperliquid is likely found below $68. A weaker move toward the $68.50 range confirms the bearish dominance, and more downside could trigger losses.
What Does HYPE’s Technical Chart Setup Point To? The four-hour chart shows that the Moving Average Convergence Divergence (MACD) line is above the signal line and both are above the zero line. It indicates that bullish momentum is gaining strength within a positive trend. The bullish crossover reflects increasing buying pressure.
This setup supports continued upward price movement, provided buying interest remains strong and momentum is sustained.
In addition, the daily Relative Strength Index is resting at around 67.92, which hints at strong bullish momentum. The value is approaching the 70 range, the overbought zone, showing that buyers are firmly in control.
While the trend still favours further gains, the market is beginning to near an area where buying momentum could slow and profit-taking may emerge. This reading supports continued bullish price action, but traders should also watch for signs of momentum cooling if the RSI moves above 70.
Crypto Market Highlights
Bearish Clouds Gather as $2.13B in Bitcoin and Ethereum Options Expire
Content Writer | Crypto Enthusiast | Bridging Literature and Blockchain
Since October 2025, Bitcoin [BTC] and most of the altcoins have been trending downward. Many alts, even prominent ones, never really got a long-term uptrend going. The price gains in the past couple of days for BTC and other tokens were only a bounce within a downtrend.
Hyperliquid [HYPE] was one of the large-cap tokens whose long-term trend was firmly bullish.
Source: HYPE/USDT on TradingView As the 1-week chart above highlights, the swing structure has been bullish for more than a year. It was trading at $70.11, and was up 7.51% in the past week and over 74% up in a year.
This cemented the long-term bullish trend, but the RSI was forming lower highs in recent weeks while HYPE bulls tried to push prices to new highs. Hence, a weekly session move beyond $72.1 would present a bearish divergence, though it doesn’t guarantee an immediate correction.
Here’s what traders and investors can expect from Hyperliquid token’s price action.
HYPE price prediction for July Source: HYPE/USDT on TradingView Over the past month of trading, the DEX token has formed a range [purple] between $53.35 and $74.78. At the time of writing, the price was above the mid-range resistance at $64.1 and also the short-term resistance zone at $67.2.
This upward push came despite some profit-taking by whales. The selling was being absorbed by the demand in the market.
Combined with the recent bullish momentum for Bitcoin, it appeared likely that HYPE can continue higher toward $75.
The OBV was climbing steadily, and the RSI remained above neutral 50. Together, they signaled steady buying pressure and intact bullish momentum.
Traders’ call to action- Wait Source: HYPE/USDT on TradingView The range formation needs to be cleared for the next decisive higher timeframe move. Within this range, a test of either extreme can offer swing traders an opportunity to enter.
Right now, this opportunity was not at hand. The risk-to-reward was not ideal for swing traders at the time of writing.
The technical indicators favored short-term upside. Therefore, a move toward the $75 supply zone and a bearish reaction from there can be used to sell the token, targeting the mid-range and range-low support levels.
Final Summary Hyperliquid was one of the only large-cap crypto assets that maintained a long-term bullish trend. The $75 supply zone was vital for swing traders. A breakout past, or a rejection from, this area would be a signal for traders to place directional bets.
Why Are Bitcoin Exchange Deposits Raising Concern? Bitcoin deposits to exchanges have surged to levels seen only a handful of times this year, a pattern that has historically preceded sharper volatility and larger directional moves across the crypto market, according to CryptoQuant.
Daily bitcoin deposits climbed to nearly 49,000 BTC on June 30, close to the 50,000 BTC threshold that has appeared only 4 other times this year. Julio Moreno, head of research at CryptoQuant, described the move as a “rare extreme” and said similar spikes have previously been followed by stronger price swings.
“At these inflow levels, the market is absorbing a large volume of bitcoin being repositioned to exchanges, a pattern that has historically preceded significant directional moves,” Moreno wrote.
The concern is not only the size of the inflow. Exchange deposits often rise when holders are preparing to sell, adjust collateral, rebalance positions, or move assets into more liquid trading venues. When the increase is large and sudden, it can change market depth and make price action more sensitive to order flow.
Are Whales Driving the Latest Move? The latest increase appears to be driven mainly by large holders rather than retail investors. Moreno said the average bitcoin deposit to exchanges doubled from about 1 BTC to 2 BTC, pointing to larger transfers by whales and institutional investors.
That detail matters because average deposit size can carry a different market message than total deposits alone. High deposit volumes may reflect broad activity across many participants. A jump in average deposit size suggests larger holders are moving more bitcoin at once, which can create heavier selling pressure if those coins are placed into active exchange liquidity.
Moreno said spikes in average deposit size have historically been a more bearish signal than deposit volume alone because they reflect “deliberate repositioning” by larger market participants. He added that such moves have been a reliable leading indicator of downward price pressure.
The spike also comes as bitcoin tests the $60,000 support area. Moreno said a break below that level could put bitcoin on course toward its realized price near $53,000. Bitcoin was recently trading around $62,180, while U.S. spot bitcoin ETFs recorded $221.7 million in net inflows on Thursday, ending a 10-day outflow streak, according to SoSoValue data.
Investor Takeaway The exchange inflow data does not confirm that a sell-off has started, but it shows that larger holders are moving bitcoin into venues where selling, hedging, or repositioning becomes easier. That raises the risk of wider price swings while bitcoin remains close to key support.
Why Are Ether And Altcoin Deposits Also Important? The pattern is not limited to bitcoin. Ether deposits to exchanges climbed above 1.25 million ETH in late June, a level Moreno said is consistent with elevated selling pressure.
Simultaneous increases in bitcoin and ether deposits are more important than isolated weakness in one asset. When both major crypto assets see exchange inflows rise at the same time, the signal points to a broader risk-off move rather than a single-asset adjustment.
Altcoin deposits have also increased sharply. The number of altcoin deposit transactions reached nearly 45,000 earlier this week, the highest level in almost 2 months. Moreno described the move as “a historical inflection-point signal for prices.”
For altcoins, exchange deposit spikes can be especially sensitive because liquidity is often thinner than in bitcoin or ether markets. A rise in deposits can quickly translate into sharper price moves if holders decide to sell into weaker order books.
What Does This Mean For Market Direction? The current setup resembles an earlier pattern that preceded a broad crypto decline. Moreno said a similar spike in altcoin deposits occurred before bitcoin fell from about $82,000 in early May to below $58,000 in late June.
“With the threshold being breached again while bitcoin tests $60,000 support, the current configuration closely mirrors the pattern that preceded the prior leg down, warranting heightened caution from market participants,” Moreno said.
The immediate market risk is a volatility break rather than a guaranteed move lower. Exchange inflows show that assets are being moved into tradable venues, but they do not reveal whether holders will sell immediately, hedge exposure, provide liquidity, or prepare for other transactions.
Still, the mix of higher bitcoin deposits, larger average transfer sizes, rising ether inflows, and stronger altcoin exchange activity creates a more fragile market structure. If bitcoin fails to hold the $60,000 area, the same inflow pressure could deepen momentum toward lower realized-price levels.
Investor Takeaway CryptoQuant’s data points to a market entering a higher-risk phase. The clearest issue is not just that more coins are moving to exchanges, but that larger holders appear to be behind the move while bitcoin trades near a major support level.
Bitcoin’s realized profit and loss ratio has fallen to a 43-month low of -0.35, a figure that signals extreme market-wide loss conditions but has historically coincided with market bottoms, blockchain analytics platform CryptoQuant said.
The Bitcoin realized P&L ratio — which measures the net percentage of Bitcoin (BTC) in profit or loss relative to total supply — hasn’t fallen this low since December 2022, shortly after FTX shockingly collapsed and sent Bitcoin below $16,000.
“Historically the indicator has marked BTC bottoms with extreme precision,” CryptoQuant said on Thursday. In 2015 and 2019, the Bitcoin realized P&L ratio also fell below -0.35 before price rallies followed.
Change in Bitcoin’s P/L ratio since 2012. The data was taken when Bitcoin was trading at $59,000. Source: CryptoQuant
The data could lift market sentiment, which has repeatedly fallen to near-record lows during the course of Bitcoin’s latest 50% drawdown from $126,080, set in October. Market sentiment has risen cautiously over the last 10 days, with Bitcoin up more than 7% since tanking to a near two-year low of $58,190 on June 25.
Many analysts blamed that drop on Strategy — the largest corporate Bitcoin holder — after its top perpetual preferred stock offering, Stretch (STRC), broke from its $100 par value to below $75, raising fears that its dividend model was unsustainable.
On Thursday, Bitwise chief investment officer Matt Hougan said the STRC incident squeezed out excess leverage and likely moved the market one step closer to a bottom.
“As the market continues to sort things out, I’m convinced the bottom is closer than ever — and that we will enter a new bull market in the fall.”Don’t wait for the bottom, analyst saysSwan Bitcoin analyst Adam Livingston noted that Bitcoin is currently trading only 16% above the realized price — the network's aggregate on-chain cost basis — a level that has historically coincided with strong forward returns of 41% at six months and 81% at 12 months.
Livingston acknowledged that buying Bitcoin right now “feels awful,” but that’s precisely why it’s trading at a discount, he argued.
“Waiting for ‘the bottom’ is a wonderful plan with one flaw. The bottom never announces itself,” Livingston said, recommending investors buy now rather than overpay at the top.
Magazine: Bitcoin slides to $58K, XRP hits $1 but onchain data promising: Market Moves
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.
Bitcoin’s realized profit and loss ratio among short-term holders has cratered to its lowest level in 43 months, a reading that historically precedes major recoveries. With BTC trading between $57,000 and $62,000, more than 50% below its October 2025 peak above $126,000, the pain is real.
Bitwise chief investment officer Matt Hougan said on July 2 that the bottom is “closer than ever,” while Swan Bitcoin analysts pointed to on-chain data showing roughly 47% of Bitcoin’s supply is currently in profit. That figure matches readings observed at prior cycle bottoms, the kind of capitulation moments that, in hindsight, look like gift-wrapped entry points.
The numbers behind the capitulation The Spent Output Profit Ratio, or SOPR, tells a similar story. When SOPR drops below 1.0, it signals that the average coin being spent is being sold at a loss. Historically, sustained sub-1.0 readings have coincided with market floors in Bitcoin’s major cycles.
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Only 47% of Bitcoin’s total supply sitting in profit is a stark number. The current reading puts the market in the same neighborhood as the bottoms of 2012, 2014, 2019, and 2022. Every single one of those periods was followed by substantial rallies.
Record ETF outflows add fuel to the fear June 2026 was a brutal month for Bitcoin ETFs. Approximately $4.5 billion flowed out of spot Bitcoin ETF products, marking the worst monthly outflow on record. The outflows were driven by hawkish interest rate signals from central banks, substantial liquidation pressures cascading through leveraged positions, and the broader macro backdrop giving institutional allocators reasons to de-risk.
Strategy, the corporate Bitcoin holder formerly known as MicroStrategy, added its own layer of volatility. Matt Hougan specifically pointed to turbulence around STRC shares as a contributing factor, framing it as a “natural deleveraging” process rather than a structural breakdown. In his view, that deleveraging is a necessary cleansing that could set the stage for a new bull market by fall 2026.
Why analysts are calling this a buy Swan Bitcoin’s analysis centers on a pattern that has repeated across Bitcoin’s history. When the percentage of supply in profit drops to the mid-to-low 40s, the market has historically been within striking distance of a bottom.
Hougan’s prediction of a new bull market beginning in fall 2026 is specific enough to be testable. If he’s right, investors buying at current levels between $57,000 and $62,000 could be entering at a significant discount to where Bitcoin trades six to twelve months from now. Swan Bitcoin’s message was even more direct: buy now at a discount rather than overpay later.
What investors should watch from here ETF flow data will be a leading indicator. A reversal from outflows to inflows would signal that institutional sentiment is shifting.
On-chain metrics like SOPR and the percentage of supply in profit should be monitored for stabilization. If these readings hold at current levels without further deterioration, it strengthens the case that capitulation is complete. If they continue declining, it suggests more pain ahead.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin (BTC) rallied, $50 short of $63,000, on July 3, and Ether (ETH) outperformed the wider market, pushing to $1,775. The end-of-week rally comes a few days after BTC fell to a 21-month low and ETH sank to fresh year-to-date lows. Highlighting the negative sentiment, the Crypto Fear & Greed index registered “Extreme Fear” at 11 out of 100.
Crypto Fear & Greed Index. Source: Alternative.me
That gap between the “Extreme Fear” reading and Friday’s bullish market activity is worth noting. On July 2, US spot Bitcoin exchange-traded funds (ETFs) took in a net $221.7 million, their largest single-day inflow since early May and a break from 10 consecutive days of outflows.
Spot Bitcoin ETF netflows. Source: SoSoValue.com
Futures markets fuel Bitcoin and Ether gainsThe leverage side of the crypto market looks more one-sided than the spot buying data alone would suggest. “Funding,” the periodic payment traders holding bets on higher prices make to traders betting on lower prices when the market leans bullish, has stayed positive for the past eight days and has been climbing throughout this period.
Bitcoin open interest, funding rate. Source: Hyblock
The total amount of outstanding leveraged Bitcoin positions is also near its highest level in the past several days, even though the price has mostly moved sideways. Leverage building up without price making much progress is generally viewed as a caution sign rather than confirmation that a rally is underway.
Can bulls keep their pace? Looking at the next few trading sessions, a few reference points stand out. On the cautious side, whether Bitcoin holds above roughly $61,000, where a large cluster of leveraged buy positions sits, matters, and so does whether Wednesday’s ETF inflow turns out to be a one-day event or the start of a new trend.
On the more encouraging side, a move back above $62,500 would put Bitcoin within reach of price levels where leveraged short positions become more exposed, and continued positive buying activity alongside a still-growing pool of leveraged positions would extend the pattern seen over the past few days.
The overall market read is mixed rather than clearly bullish or bearish. Spot buying and a rebound in ETF flows suggest sentiment may be improving faster than the fear-and-greed number implies, but a market this deeply fearful and this leveraged toward higher prices tends to be more fragile. The upcoming US holiday-weekend stretch of typically thinner trading adds another layer of uncertainty to the current setup.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
Bitcoin has edged slightly higher after touching lows near $58,500, but one of the most accurate forecasters of this cycle is not convinced the worst is over. Markus Thielen, Founder and CEO of 10x Research, said this week that the modest recovery is unlikely to hold and that Bitcoin could fall as low as $46,000 to $47,000 before finding its genuine cycle low.
The rest of the article remains unchanged from the previous version, with Thielen’s analysis of ETF outflows, the absence of meaningful buyers, the Elliott Wave targets, the Fed outlook and his comparisons to the 2022 to 2023 cycle all standing as written.
No Real Buyer Anywhere in Sight
Thielen’s bearish near-term view centres on a simple observation: the market has lost its primary source of demand. Strategy, formerly MicroStrategy, was the single largest buyer of Bitcoin year to date, deploying approximately $13 billion in acquisitions. That buying has slowed significantly. Meanwhile, U.S. spot Bitcoin ETFs have bled approximately $7 billion in net outflows since mid-May, when the first hot inflation report shifted the macro environment against risk assets.
“There’s no real buyer in the market right now,” Thielen said. “That’s why we’re still in this liquidation period from the ETFs.”
He also noted that the average ETF buyer is now significantly underwater, with many of those holders beginning to cut losses around the $60,000 level, adding further selling pressure precisely where the market needs support.
The Path to $46,000 and Back
Thielen’s Elliott Wave analysis maps out a clear structure. Bitcoin completed a five-wave advance from late 2022 into the 2025 high, and the current decline represents the corrective phase. Wave A brought Bitcoin down to approximately $63,000 in February. Wave B produced the counter-trend rally to $82,000 to $83,000. Wave C, the current decline, targets the $46,000 to $47,000 range.
Once that level is reached, Thielen expects a recovery rally of approximately 30% back toward $60,000 to $65,000 by year-end, driven by a shift in Federal Reserve posture as inflation cools and oil prices retreat following the resolution of geopolitical tensions.
The Fed Is the Key Variable
The macro vice gripping Bitcoin tightened significantly when Kevin Warsh was nominated as Fed Chair in late January. Every inflation reading since has reinforced the hawkish case, and markets are now pricing a 70% probability of at least one rate hike before year-end. Until that expectation reverses, Thielen argues, Bitcoin lacks the macro catalyst needed for a sustained move higher.
He draws a direct parallel to 2022 and 2023, where Bitcoin spent months trading sideways between $16,000 and $30,000 before the Grayscale SEC victory in August 2023 finally shifted sentiment. The lesson from that cycle is that bottoms form slowly and sentiment does not turn bullish until well after the low is already in.
When Does the Bottom Form
Thielen’s base case points to a low forming sometime in Q4 2026, possibly around October, consistent with historical bear market timing patterns that suggest cycles typically bottom approximately 360 to 380 days from their peak. He plans to be a buyer below $50,000 and expects Bitcoin to be materially higher by 2027.
Story Ends Here
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Bitcoin’s realized profit and loss ratio has fallen to a 43-month low of -0.35, a figure that signals extreme market-wide loss conditions but has historically coincided with market bottoms, blockchain analytics platform CryptoQuant said.
The Bitcoin realized P&L ratio — which measures the net percentage of Bitcoin (BTC) in profit or loss relative to total supply — hasn’t fallen this low since December 2022, shortly after FTX shockingly collapsed and sent Bitcoin below $16,000.
“Historically the indicator has marked BTC bottoms with extreme precision,” CryptoQuant said on Thursday. In 2015 and 2019, the Bitcoin realized P&L ratio also fell below -0.35 before price rallies followed.
Change in Bitcoin’s P/L ratio since 2012. The data was taken when Bitcoin was trading at $59,000. Source: CryptoQuant
The data could lift market sentiment, which has repeatedly fallen to near-record lows during the course of Bitcoin’s latest 50% drawdown from $126,080, set in October. Market sentiment has risen cautiously over the last 10 days, with Bitcoin up more than 7% since tanking to a near two-year low of $58,190 on June 25.
Many analysts blamed that drop on Strategy — the largest corporate Bitcoin holder — after its top perpetual preferred stock offering, Stretch (STRC), broke from its $100 par value to below $75, raising fears that its dividend model was unsustainable.
On Thursday, Bitwise chief investment officer Matt Hougan said the STRC incident squeezed out excess leverage and likely moved the market one step closer to a bottom.
“As the market continues to sort things out, I’m convinced the bottom is closer than ever — and that we will enter a new bull market in the fall.”Don’t wait for the bottom, analyst saysSwan Bitcoin analyst Adam Livingston noted that Bitcoin is currently trading only 16% above the realized price — the network's aggregate on-chain cost basis — a level that has historically coincided with strong forward returns of 41% at six months and 81% at 12 months.
Livingston acknowledged that buying Bitcoin right now “feels awful,” but that’s precisely why it’s trading at a discount, he argued.
“Waiting for ‘the bottom’ is a wonderful plan with one flaw. The bottom never announces itself,” Livingston said, recommending investors buy now rather than overpay at the top.
Magazine: Bitcoin slides to $58K, XRP hits $1 but onchain data promising: Market Moves
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Bitcoin (BTC) rebounded after weaker-than-expected US labor market data eased expectations for tighter monetary policy.
In a report on Friday, crypto asset manager CoinShares stated that the recovery does not yet signal the start of a sustained uptrend, as restrictive Federal Reserve (Fed) policy and lingering market headwinds weigh on sentiment.
Weaker jobs data eases pressure as Bitcoin climbs over $62KCoinShares shared that the June nonfarm payrolls rose by 57,000, well below the consensus forecast of 115,000. The data pushed the two-year US Treasury yield lower and prompted markets to scale back expectations of a near-term rate hike, helping Bitcoin rebound from its recent cycle low near $57,000.
“Today's print helps at the margin; it does not amount to a policy pivot,” the report stated.
CoinShares noted that the market's reaction underscored Bitcoin's sensitivity to changes in interest-rate expectations. However, the firm argued that while macroeconomic conditions remain challenging, unwinding among larger investors has calmed.
“Beneath the surface, the picture looks better than sentiment suggests. Whale distribution appears to have run its course,” CoinShares added.
The report highlighted that wallets holding more than 100,000 BTC distributed approximately $39 billion worth of Bitcoin following the October 2025 market peak, but that selling pressure has now largely subsided.
“That selling has since slowed to a stop, removing the dominant overhang that defined 2025,” CoinShares wrote.
The firm further noted that Bitcoin ETPs have recorded roughly $2.7 billion in net outflows this year. On the other hand, artificial intelligence-focused exchange-traded funds (ETFs) attracted about $5.5 billion over the same period.
The divergence suggests that investors shifted capital toward one of the market's strongest-performing themes instead of abandoning Bitcoin altogether.
CoinShares also cautioned that several risks continue to cloud the outlook, including the absence of easier monetary policy, continued supply overhang linked to Strategy, geopolitical uncertainty surrounding Iran and slowing momentum for US crypto legislation.
Options positioning points to continued uncertaintyGlassnode analysts echoed the cautious tone, highlighting consistent defensive positioning in the options market even as Bitcoin rebounds from around $58,000.
“Options markets are repricing risk, volatility and the probabilities investors assign to the next major move,” Glassnode wrote in an X post.
The firm stated that implied volatility, as measured by the DVOL index, has been trending higher, reflecting growing uncertainty as Bitcoin's recent sell-off unfolded. However, volatility remains well below levels seen during previous major market disruptions, indicating that traders are repricing risk.
Glassnode added that options markets continue to favor downside protection, with one-week 25 Delta Skew remaining positive as put options trade at a premium to calls. Bitcoin has also remained in negative gamma territory, meaning dealer hedging activity could amplify price swings in either direction.
The current options market suggests investors remain vigilant and expect uncertainty to persist despite Bitcoin's recent rebound, Glassnode analysts noted.
BTC is trading at $62,450, up 1.5% over the past 24 hours at the time of writing.
For a while now, Michael Saylor’s Strategy has been on a wild ride of criticism. Now, major players like JPMorgan are beginning to issue some warnings. In fact, the banking giant recently called out Strategy’s Bitcoin sales policy.
For context, Strategy has long relied on a straightforward business model: Raise capital through debt and equity offerings, then use that money to purchase additional Bitcoin [BTC].
As a result, a sizeable amount of the circulating supply was essentially locked away rather than actively traded due to its enormous treasury of 847,363 BTC. However, the company’s most recent capital structure is now altering that dynamic.
Strategy’s new game plan raises red flags To pay dividends on its preferred stock or other financial commitments, Strategy has now formally permitted itself to sell a limited quantity of Bitcoin. At the same time, it authorized preferred stock repurchases and launched a $1 billion common stock buyback program.
Even though the company’s cash reserves of about $2.55 billion cover about 17 months’ worth of preferred dividends and interest costs, JPMorgan thinks this buffer is still insufficient to completely rule out the possibility of future Bitcoin sales.
The team led by Nikolaos Panigirtzoglou argued,
A higher coverage of 24-36 months would be needed (by issuing common equity to further increase dollar reserves even if this leads to the common equity trading at a discount to NAV) to make investors more comfortable with the idea that Strategy would not need to sell bitcoins in the foreseeable future.
What is the underlying issue? The primary issue is the rise of what JPMorgan refers to as “two-way risk.”
In the past, Strategy operated virtually solely as a Bitcoin buyer, continuously consuming supply whenever it raised new funds. However, under the new framework, the business can switch between buying and selling based on how much cash it needs.
The fact that Strategy is no longer assured of removing Bitcoin from the market—it might even turn into a source of supply when money is needed—introduces uncertainty.
What’s ahead? In fact, in one of the few times the company has sold Bitcoin for operational rather than portfolio adjustments. Even though the $1.25 billion authorized sale capacity only makes up a small portion of its total holdings, the psychological impact could be far greater than the volume of sales.
Unfortunately, these shifts occur at a time when the U.S. Spot Bitcoin ETFs are facing net withdrawals, and the price of Bitcoin is also struggling.
Henceforth, the only hope at this point is the approval of the CLARITY Act. It has the potential to restore market integrity and the price of Bitcoin, in turn improving the air surrounding Strategy.
Final Summary Instead of an actual warning, JP Morgan has suggested a higher coverage of 24-36 months for Strategy. Though the recent sell-off by Strategy was minimal, it has still induced fear and uncertainty in the market.
Bitcoin ETF outflows are worse than many investors realise, and the selling pressure shows no sign of slowing down, according to Bloomberg Intelligence ETF analyst James Seyffart.
The Outflow Picture Is Deteriorating
Speaking on the Milk Road Show, Seyffart said net inflows into Bitcoin ETFs have now fallen to just over $51 billion from a peak of $63 billion, meaning more than $11 billion has left these products from their high point. The selloff has pushed flows below February lows, making this the worst sustained outflow period since the ETFs launched.
The pace is accelerating rather than easing. On 25 June alone, $700 million exited in a single day, followed by $445 million the next day, then $232 million, and $223 million the day after. “It’s not slowing down,” Seyffart said. “If anything it’s kind of accelerating.”
Why the Selling Is Happening
Seyffart said there is no single explanation. The basis trade, which once supported institutional inflows, has largely unwound. Concerns about Strategy and whether Michael Saylor might be forced to unwind Bitcoin positions are weighing on sentiment. And perhaps most significantly, capital and attention are rotating toward other areas.
“There are way more interesting things happening in the market right now,” Seyffart said, pointing to AI and the space sector as competing draws on both capital and investor attention.
Covered Call ETFs and the Spaghetti Cannon
Despite the outflows, new Bitcoin ETP products keep launching. Goldman Sachs and BlackRock have both introduced covered call Bitcoin income ETFs, designed to give investors toned-down, yield-generating exposure to the asset. Seyffart said client demand for lower-volatility Bitcoin access is real, though he personally sees the trade-off of capping upside on a high-volatility asset as questionable.
He described the broader ETP product wave as a “spaghetti cannon,” with one new issuer launching 50 ETFs in a single week. The bright spots, he said, are newer and smaller products including Solana, XRP, and Hyperliquid ETFs, which launched during the bear market and have held up better than the established Bitcoin and Ethereum funds.
Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
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Here's what needs to unfold for BTC to break above $65,000.
After several weeks of lackluster performance and a slide to its lowest level since 2024, Bitcoin (BTC) has finally staged a decisive comeback.
The popular analyst Ali Martinez highlighted the resurgence and spotted three bullish factors that could push the price beyond $65,000 in the short term.
The Winning Formula The primary cryptocurrency recently surged past $62,500, fueled by geopolitical de-escalation in the Middle East and a long-awaited return of ETF inflows after several weeks dominated by outflows.
The analyst noted that BTC’s 12-hour chart has flashed a cluster of bullish technical cues across several key metrics, suggesting additional upside may be on the horizon. He first pointed out the Tom DeMark Sequential indicator, which has printed a buy signal.
Earlier this week, the analyst emphasized that this metric (when viewed on the monthly timeframe) triggered a synchronized bullish call across BTC, ETH, XRP, and SOL.
“Historically, when multiple assets lock in concurrent monthly buy signals, it indicates seller fatigue and a high probability of a long-term market bottom,” he explained.
The second positive sign Martinez touched on is BTC’s Relative Strength Index (RSI), which has printed a bullish divergence against the underlying price action, while the third is the SuperTrend indicator, which signaled a trend shift.
“If these combined indicators receive validation through sustained spot volume, the immediate target for BTC sits at $65,400 – aligning with the TD setup resistance trendline,” he concluded.
Other Optimistic Voices Numerous market observers share Martinez’s bullish outlook, noting that the cryptocurrency has performed quite well in the current month. X user cyclop, for instance, noted that BTC has historically posted double-digit gains in July during bear markets.
You may also like: Bitcoin Reclaims $60K as SOL, BCH Lead Alts Higher (Market Watch) Why Bitwise’s Matt Hougan Thinks Strategy’s Bitcoin Era Is Fading Bitcoin (BTC) Starts July Under $60K, Cardano (ADA) Finally Rebounds: Market Watch The recent whale behavior also reinforces the positive scenario. X user Max Crypto revealed the case of a big investor who opened a $66 million long on BTC that will be liquidated if the price dips to $59.395.
Whales are known as experienced investors who rarely jump on the bandwagon, relying purely on their instincts, and their actions could infuse enthusiasm among smaller players, prompting them to allocate fresh capital to the ecosystem.
Of course, one must tread carefully and keep in mind that the crypto market remains shaky, meaning a renewed pullback in the short term is just as plausible.
Bitcoin’s capital efficiency has fallen sharply over successive bull cycles, with each new rally requiring far more inflows to produce smaller percentage gains.This cycle, about $697 billion in new money has generated a roughly 689% gain, compared with earlier cycles where far less capital drove returns of 2,000 percent to more than 50,000 percent.Analysts say another parabolic run would likely require more than $1 trillion in fresh institutional capital, but recent ETF outflows and bitcoin’s larger market size underscore the risk that such flows may never materialize.Bitcoin returns far less for every dollar of new money entering it than it did in its early years, a decline in capital efficiency that has grown sharper as the asset has scaled.
Analytics firm CryptoQuant measured how much fresh capital each bitcoin bull cycle took in against the price gain it produced. In the 2011 cycle, about $2.8 billion in net inflows drove a rally of roughly 55,000%.
The 2015 cycle took about $69 billion for a gain near 10,000%. The 2018 cycle needed about $365 billion for roughly 2,000%. This cycle, running since 2022, has taken in about $697 billion and returned 689%. The figures track realized capitalization, a measure that values each coin at the price it last moved rather than its current price, a rough gauge of how much money has actually gone into the asset.
The trend holds at every scale. In 2011, roughly $5 million in new money was enough to double bitcoin's price. This cycle, doing the same took around $101 billion. Each run has demanded exponentially more capital for a smaller percentage move, the arithmetic of an asset that now carries a market value near $1.2 trillion, per CoinDesk data, rather than the few billion it held a decade ago.
CryptoQuant founder Ki Young Ju, who published the data, called it as a case for patience rather than a top. "Bitcoin needs to be a core macro asset, not just a retail-driven ETF trade," he wrote, arguing that another parabolic run is possible only if bitcoin can absorb more than $1 trillion in fresh capital, which would take institutional adoption well beyond where it sits today.
That view lands at an awkward moment. U.S. spot bitcoin exchange-traded funds have seen record outflows over the past month, and bitcoin closed a losing first half, so the retail flows the thesis wants to move past are running in reverse rather than building the institutional depth it calls for.
The skeptical read is simpler, however. Falling returns per dollar are what happen to any asset as it grows, since a larger base moves less in percentage terms no matter who is buying, and nothing guarantees institutional money arrives at the scale the bullish case needs.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Barstool Sports founder Dave Portnoy has vowed to hold his Bitcoin investment even if it falls to zero after revealing he is down millions on a position bought near $100,000.
Summary
Dave Portnoy says he will hold Bitcoin even if it falls to zero after losing millions on his investment. Portnoy admits years of mistimed Bitcoin trades convinced him not to sell during the current downturn. Robert Kiyosaki and Bitwise CIO Matt Hougan continue to offer contrasting long-term outlooks for Bitcoin. According to an interview with Fox Business host Stuart Varney, Portnoy admitted that his history with Bitcoin has been defined by buying at the wrong time and selling before major rallies.
Speaking about his latest position, he said he purchased Bitcoin at around $100,000 and acknowledged that the investment is now deeply underwater after the asset lost more than half its value from its October peak of $126,080 to about $62,162.
Bitcoin and crypto are making me sad.
— Dave Portnoy (@stoolpresidente) June 4, 2026 Instead of exiting the position, Portnoy said he plans to continue holding. He told Varney that previous attempts to sell Bitcoin had repeatedly backfired because the cryptocurrency rallied soon afterward. Having experienced that pattern multiple times, he said he would rather keep the asset regardless of how far the price falls.
Portnoy also described himself as someone who has been consistently wrong on Bitcoin trades. Looking back on earlier market cycles, he recalled panic-selling the cryptocurrency during a price decline in 2021 before it recovered sharply, adding that those experiences shaped his decision not to sell this time.
Bitcoin outlook remains divided Even as Portnoy remains committed to holding Bitcoin, market participants continue to disagree over where prices could move next.
Earlier this week, as reported by crypto.news, Rich Dad Poor Dad author Robert Kiyosaki’s prediction that Ethereum could reach $95,000 by mid-2027 resurfaced across crypto social media. Kiyosaki argued that a severe global financial crisis could trigger a major repricing of alternative assets.
Under that scenario, he said Ethereum could climb to $95,000 within a year of such an event, while Bitcoin could rise to $750,000 alongside gold reaching $35,000 per ounce and silver advancing to $200.
A day later, Bitwise Chief Investment Officer Matt Hougan wrote that Bitcoin appeared to be entering the final stage of its correction after the STRC-related unwind reduced excess leverage. At the time, he said he expected a new Bitcoin bull market to begin in the fall.
Although he cautioned that identifying the exact bottom is impossible in real time, he said the latest developments suggest the market could be entering the final stage of the current cycle.
Hougan also argued that the next Bitcoin rally is likely to rely less on retail traders and more on institutional investors, including banks, pension funds, sovereign wealth funds, asset managers, financial advisers, and endowments. Based on that view, he said he expects a new Bitcoin bull market to begin in the fall.
Portnoy’s crypto record extends beyond Bitcoin Beyond Bitcoin, Portnoy has been involved with several high-profile crypto projects over the years. He previously promoted the SafeMoon meme coin and publicly identified himself with the Chainlink community, often referred to as the Link Marines.
His trading activity later expanded into Solana-based meme coins. After revealing his wallet address and facing criticism from some traders who accused him of pumping and dumping tokens, Portnoy publicly embraced JAILSTOOL, a meme coin built around imagery of him behind bars. The token later climbed above a $210 million market capitalization and secured a listing on crypto exchange Kraken. Since then, however, it has lost more than 99.5% of its value and now trades at a market capitalization of just over $1 million.
Gold and Bitcoin are continuing to see investor exits as the ‘debasement trade’ unwinds following slow progress as far as U.S-Iran talks are concerned. In fact, Bloomberg ETF analyst Eric Balchunas noted that the macro hedges are close to ‘becoming roomies’ in terms of capital outflows.
After the gold rush: GLD and GDX hangover getting worse, rough year, and now short interest has spiked 80% and 50% respectively via S3 data. Fast on the way to becoming roomies with bitcoin in the proverbial doghouse.
Source: X GLD tracks long commodity investors (gold) while GDX tracks long equity positions. For gold, the 80% short interest also mirrored Bitcoin [BTC]’s weakness.
Bitcoin follows gold in capital outflows The altcoin extended its decline in 2026 after failing to advance beyond $83K during the Q2 relief bounce. It printed a new yearly low of $57.7K this week before fronting a brief recovery to $62K following a weaker U.S jobs report.
However, for the first time since their debut in 2024, U.S Spot ETFs saw a net outflow of $5.4B in H1 2026, according to DWF Labs.
Source: DWF Labs The CME positioning also painted a similar picture, as shown by the weekly commitments of traders (COT). COT tracks large institutional positions on the CME. In 2026, the COTs metric has been negative, with brief positive values in late March and April.
In other words, institutional players were, on average, shorting BTC in H1 2026 as ETF flows also turned negative.
Source: CryptoQuant Although whales have accelerated BTC accumulation as institutional demand tanked, the bids were still relatively small to offset the pressure.
In fact, the weakness can be expected to persist in Q3 with a final potential BTC market cycle bottom in Q4 2026.
Is macro risk still on the table? In the short term, however, the CME net positioning briefly turned positive. Similarly, U.S Spot ETFs saw net inflows of $221M on Thursday, breaking 10 consecutive days of net outflows. The shift followed the weaker U.S. Jobs report, which eased Fed rate hike fears.
According to QCP Capital analysts, this meant that “spot demand was beginning to firm,” but confirmation will depend on key inflation data scheduled for mid-July.
Broader confirmation of a front-end dovish repricing likely still needs the 14 Jul CPI and 15 Jul PPI prints ahead of the month-end FOMC, but the flip in flows suggests spot demand is beginning to firm.
That said, the short-term upside resistance levels were at $62.3K, the $65K-$67K zone, and $75K (200-day SMA) at press time.
Source: BTC/USDT, TradingView Final Summary BTC and gold have seen record capital outflows and rising short interest in H1 2026. QCP Capital analysts noted that Spot BTC demand had begun to firm up, but confirmation was still needed.
There was a time when a single tweet could move Bitcoin by 10%. When a celebrity endorsement sent token prices through the roof overnight. When "to the moon" counted as an investment thesis for millions of retail crypto investors around the world.
Today, that market has been replaced by more serious, more structural, and more interesting market participants. The next Bitcoin rally will not be driven by narrative. It will be driven by liquidity. And if you don't understand how liquidity moves, you will keep misreading every crypto cycle that follows.
What the Numbers Are Telling UsOver the past eight months, more than $10 billion has moved out of Bitcoin spot ETFs, and that exodus has been a major driver of the downturn we're witnessing. In 2024, inflows into those same ETFs powered Bitcoin to new all-time highs. Institutional capital pulled back, the pillar supporting the rally faded, and retail investors simply did not have the conviction to hold the market up on their own.
Spot ETFs now hold 6-7% of circulating supply, which means every billion dollars of net flow ripples directly into spot prices and through the rest of the crypto market.
Crypto Tracker
TOP COINS (₹)
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How the Market Grew UpThe 2021 bull run was the last great hype-driven market. Retail FOMO, social media momentum, and speculative excess pushed Bitcoin to its then all-time high. Then came the unravelling of Luna, Celsius, and FTX. Each collapse eroded the casual investor's willingness to act on hype without scrutiny.
At the same time, the market's composition changed underneath it. The SEC's approval of spot Bitcoin ETFs in January 2024 brought institutional capital into the space through regulated vehicles. BlackRock's iShares Bitcoin Trust alone commands approximately $43 billion in assets under management as of June 2026.
These are investors who allocate based on macro conditions, rate environments, and portfolio construction frameworks with a long-term view, the same forces that move equity and bond markets.
Liquidity Is the Variable That Matters NowEmpirical research shows a significant strengthening in the relationship between global M2 money supply growth and Bitcoin price appreciation, with roughly a 90-day lag and correlation coefficients reaching 0.78 during the 2020-2023 period.
Put simply, when global liquidity expands, Bitcoin goes up. When it contracts, Bitcoin comes under pressure. That three-month lag means the direction of global money supply today is a leading indicator of where Bitcoin is headed next quarter, whether you're watching for it or not.
Stronger-than-expected inflation readings and elevated bond yields have complicated the picture for Federal Reserve policy. Persistent energy price pressures and geopolitical instability now have investors worried that rate cuts could be delayed, and that makes for a less supportive environment for risk assets like Bitcoin.
What the On-Chain Data Is Actually SayingHere is where it gets interesting. Beneath the price weakness, the network is telling us a different story altogether. CryptoQuant's Bitcoin Network Activity Index has climbed steadily since January and recently hit its highest level since late 2024. Daily Bitcoin transactions have crossed 800,000, nearing the highs of the previous bull cycle.
Even the selling pressure from ETF redemptions has not triggered a rush of coins onto exchanges for liquidation, which tells you that some of these outflows are internal portfolio rebalancing, not investors walking away from Bitcoin.
What the Next Rally NeedsAny rotation back into growth positioning would likely pull Bitcoin along with it, re-anchoring the asset to the liquidity backdrop. An ETF flow reversal would provide direct support to prices.
Watch for a softening in Fed language, easing inflation data, and a resolution to the geopolitical tensions that have kept oil prices elevated and rate-cut expectations suppressed. Any one of these could meaningfully improve liquidity conditions, and when liquidity returns, Bitcoin has consistently been among the first assets to reflect it.
The next leg of this cycle will not announce itself through celebrity endorsements or viral posts. It will show up quietly, in ETF flow data, in M2 expansion numbers, and in what the bond market is telling us about where rates are headed.
The investors who stand to benefit most from the next Bitcoin rally are the ones watching the Fed, tracking ETF flows, and understanding that Bitcoin's price today is largely a function of how much capital the global financial system is willing to allocate to risk assets.
(The author Prateek Gupta is Head of Business, Mudrex)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
Ekonomové americké centrální banky představují novou analýzu zaměřenou na aktuální poznatky a data ohledně přínosů umělé inteligence. Hlavním závěrem je, že „zavádění umělé inteligence do firemního sektoru je již rozšířené, ale jde jen po povrchu.“
„Navzdory zprávám o velkých investicích do infrastruktury, umělé inteligence a rozsáhlém pokroku jazykových modelů (LLM) budou dopady na celou ekonomiku záviset na tom, jak široce umělou inteligenci přijmou běžné firmy,“ uvádějí ekonomové. S tím, že průzkum mezi managementem řady společností ukazuje následující: Investice do umělé inteligence jsou již nyní rozsáhlé a jdou napříč odvětvími. Očekává se, že v roce 2026 dál prudce porostou. Investice do umělé inteligence přitom zahrnují výdaje jdoucí od předplatného (např. ChatGPT) až po služby, školení, software, hardware a podobně.
Ekonomové na základě výše uvedeného zdůrazňují, že celkové zavádění umělé inteligence by nemělo být zaměňováno s rozsáhlými investicemi konkrétní firmy. „Mnoho společností zavádí umělou inteligenci způsobem, který moc nepřipomíná klasický boom IT investic. Spíše je podobný pronájmu nehmotného kapitálu od různých poskytovatelů.“ Mezi firmami, které v roce 2025 do umělé inteligence neinvestovaly, patří mezi hlavní překážky nedostatečně vyspělé firemní technologie, nekvalifikovaní pracovníci, obavy o zneužití dat a nejistota ohledně schopností samotné umělé inteligence.“
Společnosti jako celek podle ekonomů již hlásí pozitivní dopady AI na produktivitu práce a očekávají větší zisky do budoucna. Zisky jsou přitom největší ve vysoce kvalifikovaných službách a financích, kde přesahují 2% růst produktivity. K tomu ekonomové dodávají: „Vývoj připomíná Solowův paradox produktivity, kdy jsou transformační technologie široce vnímány jako důležité už dlouho předtím, než se jejich účinky plně projeví v oficiálních číslech. Nové široce se rozšiřující technologie totiž často vyžadují učení, organizační změny a doplňkové investice dříve, než se jejich přínosy skutečně projeví.“
Krátkodobým problémem na straně pracovní síly je pak podle analýzy „realokace, nikoli hromadné propouštění.“ V krátkodobém horizontu umělá inteligence nevedla k významnému snížení celkové zaměstnanosti. A podle ekonomů se nečeká, že k tomu dojde v budoucnu. „Velké firmy očekávají pokles zaměstnanosti, zejména ve financích a vysoce kvalifikovaných službách. Ovšem menší firmy často očekávají mírný růst zaměstnanosti poháněný právě umělou inteligencí… Největší dopad mohou pocítit podpůrné kancelářské a administrativní pozice, což je v souladu s automatizací rutinních administrativních činností. Jde například o zadávání dat, zpracování různých transakcí, zákaznický servis a základní účetnictví.“
Podpůrnou roli, a to i výraznou, by naopak měla AI hrát zejména v souvislosti s marketingem, účetnictvím, financemi a managementem. „Některé oblasti, včetně zákaznického servisu, se objevují v obou kategoriích. To naznačuje, že umělá inteligence může některé úkoly doplňovat, zatímco jiné nahrazovat, a to i v rámci jedné skupiny činností.“
Ripple [XRP] has caught strong bidding from derivatives traders, CryptoQuant data showed. The aggressive taker buying volume, relative to the aggressive selling, was at the highest level in 2026.
Source: CryptoQuant The taker buy-sell ratio tracks the aggressive (or taker) buying to selling volume in perpetual swap markets. A rising metric denotes increased taker buying activity, which tends to push prices higher.
This influx of demand has contributed to the modest price bounce of 5.35% in the past 24 hours. Dominant buying has even pushed the 7-day moving average of the ratio back above 1.
Source: Glassnode Yet, at the same time, the Coin Days Destroyed metric saw a sizeable spike, the biggest since April. The CDD tracks the volume-weighted age of coins spent in a day. Higher values of CDD imply a high volume of previously-dormant coins were moved, likely for selling.
It can also capture a wave of capitulation in the market. In this context, a spike in CDD alongside a price bounce suggested holders used the XRP price bounce above $1.10 to take profits.
XRP net wallet flows turn negative, hinting at accumulation Source: CryptoQuant Against the backdrop of a short-term price hike and potential selling pressure from a wave of tokens being moved onchain came evidence of accumulation.
Crypto analyst Amr Taha pointed out that the 7-day net depositing/withdrawing wallet count fell to -6,210 on June 30. This negative number indicated a shift from an XRP net depositing environment to a net withdrawal environment.
Wallet activity flip towards withdrawals does not necessarily confirm smart money accumulation. AMBCrypto used the percent of supply held by the top 1% to understand if large holders were accumulating in significant numbers.
Source: Glassnode The data showed that the top holders had been distributing their holdings throughout June, as the percent supply in their control fell from 87.98% to 87.87%. For context, since January, the metric has risen from 87.57% to nearly 88% at its zenith in 2026.
The 1 billion XRP unlock recently reported on raised the question of whether the market can absorb the supply. So far, despite the selling pressure, the $1 psychological support level has not been ceded to the bears.
The onchain data slightly favored the accumulation angle, but market-wide sentiment and Bitcoin price action will also have an impact on XRP trends.
Final Thoughts The XRP price spike recently came alongside a rise in aggressive buying, but also a spike in CDD that warned of sell pressure. The shift from net depositing to net withdrawals from Binance, for the first time since July 2025, was an encouraging sight for investors.
The number of transactions carried out solely by autonomous artificial intelligence agents on the XRP Ledger network is approaching 1 million. This increase, highlighted by t54 data, coincides with a broader market recovery observed in July. The timing of this surge has reinforced expectations about whether XRP’s recent price climb will prove technically sustainable.
AI-driven activity boosts network momentumXRP has gained nearly 3% over the past 24 hours, reaching $1.1194. With this uptick, the price has moved above the midline Bollinger Band at $1.1112 on the daily chart. In the short term, the next key technical level to watch is the upper band at $1.2320.
The recent rebound in XRP’s price has unfolded during a sharp increase in transaction volumes executed by AI agents on the XRP Ledger.
At the core of this technological momentum is the XRPL x402 payment facilitator developed by the t54 team with support from Ripple. Ripple, a US-based fintech company specializing in cross-border payment technologies, plays a central role here. The solution leverages the internet’s native 402 Payment Required code, enabling AI bots to pay one another directly for computing power or data.
Mini glossary: The 402 Payment Required code is a status defined in HTTP standards, historically seldom used. It signals that payment is needed to access digital content or services; XRPL x402 adapts this logic for machine-to-machine payments.
This model eliminates the need for manual wallet management or purchasing complex API keys, automating payment flows. The rise in machine-to-machine payments using native tokens and stablecoins on the XRP Ledger has become a compelling narrative for XRP, especially amid the market’s upward momentum.
Technical outlook focuses on $1.3147 levelThe increase in automated payments is also being watched for its implications on long-term supply dynamics, as a portion of the fee from every on-chain transaction is burned. This mechanism can gradually limit the total amount of circulating assets as network usage intensifies.
On the weekly chart, the midline Bollinger Band at $1.3147 emerges as the main threshold for determining whether the multi-month downtrend has been broken.
Should the recent momentum continue, attention will shift to the $1.3147 middle Bollinger Band on the weekly timeframe for XRP. Surpassing this level would provide a stronger technical indicator that the multi-month decline has ended. In that event, the $1.30 zone could once again become the focal point for buyers.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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.
Noted a $2.13B worth of Bitcoin and Ethereum options expiry. The prices have recovered from the red zone. The cryptocurrency market entered a pivotal session on July 3 as a combined $2.13 billion worth of Bitcoin and Ethereum options reached expiry, offering fresh insight into investor positioning amid a challenging market environment.
Around 31,000 Bitcoin options expired with a notional value of approximately $1.9 billion. The contracts carried a put-call ratio of 0.70 and a maximum pain point of $61,000. Meanwhile, 135,000 Ethereum options, valued at roughly $230 million, expired with a put-call ratio of 1.29 and a maximum pain level of $1,650.
Options Expiry Positioning Reflects Defensive Market Sentiment One of the standout signals from this week’s data is Ethereum’s elevated put-call ratio of 1.29. A ratio above 1 indicates that put options outnumber call options, suggesting that many traders are either hedging against further downside or maintaining a cautious outlook.
At the same time, options expiry positioning remains concentrated near key Gamma Exposure (GEX) levels, with Bitcoin clustered around $60,000 and Ethereum near $1,700.
Although Bitcoin managed to reclaim the psychologically important $60,000 mark during the week, market sentiment remains mixed. Technical analysts continue to debate whether the recent recovery marks the beginning of a sustained rebound within a broader downtrend.
Macro Trends Continue to Shape the Market Beyond options activity, investor attention has increasingly shifted toward traditional financial markets, particularly developments surrounding artificial intelligence and semiconductor stocks.
Within the digital asset industry, tokenised U.S. stocks have also emerged as a major talking point, attracting interest from both crypto-native platforms and institutional participants.
Options expiry data suggest that traders remain cautious heading into the third quarter. While Bitcoin has regained an important support level, Ethereum’s defensive positioning and the concentration of hedging activity indicate that many market participants are still preparing for elevated volatility rather than pricing in a decisive bullish breakout.
Currently, BTC has managed to trade at a high of $61,932, with its daily trading volume lost over 24.43%, reaching $33.3 billion. Moreover, the Bitcoin market has seen a liquidation of over $94.84 million in the last 24 hours. Notably, ETH has jumped to a trading range at around $1,738. Also, the trading activity has fallen to $12.47 billion, with its liquidation of $171.46 million.
Crypto Market Highlights
XRP Flashes Its First SuperTrend Buy Signal Since June: Is a Strong Rebound Brewing?
Content Writer | Crypto Enthusiast | Bridging Literature and Blockchain
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Ethereum price today: $1,750Retail investors distributed 510K ETH in June, extending a risk-off sentiment that began since the October 10 crash.The supply of staked ETH climbed to a record high of 40.5 million ETH after investors staked 763K ETH in June.The Coinbase Premium Index fell to its lowest since February amid four straight weeks of outflows in US spot ETH ETFs last month.ETH has broken the $1,741 resistance and is eyeing the 50-day EMA.Ethereum (ETH) declined by 21.6% in June, its largest monthly drop since November, amid intense risk-off sentiment and heightened volatility, spearheaded by retail investors and US market participants.
Wallets with a collective balance of 100-1K & 1K-10K ETH offloaded a combined 510K ETH over the past month. This cohort has been instrumental in the top altcoin's steady decline since the October 10 crash, depleting their holdings by 3.91 million ETH.
On the other hand, whales holding 10K-100K ETH pounced on the dip, accumulating 600K ETH in June. Zooming out, these investors have largely maintained a buying sentiment since the October 10 price crash, increasing their balance by 2.48 million ETH.
ETH Balance by Holder Value. Source: CryptoQuantA majority of these whale holdings are likely flowing toward staking. Over the past month, the supply of staked ETH expanded by roughly 763K ETH to a record high of 40.5 million ETH.
Since the beginning of the year, investors have staked 4.5 million ETH. The move indicates that long-term holders are turning to ETH staking to earn yield while waiting for a recovery, rather than exiting the market.
ETH Total Supply Staked. Source: CryptoQuantJune also marked a month of intense risk-off sentiment among US market participants. The Coinbase Premium Index, an indicator of US sentiment, plunged to -0.169, its lowest level since February. The metric has edged slightly higher following the modest price gains over the past few days, but it remains in negative territory.
US institutional interest also remains weak, with US spot ETH exchange-traded funds (ETFs) recording net outflows of roughly $529 million in June, after four straight negative weeks, according to SoSoValue data. On the derivatives side, open interest in ETH futures declined by 1.46 million ETH, while funding rates were volatile with positive and negative flashes in June. Over the past few days, funding rates have remained largely positive, indicating that long traders may be gearing up for a comeback in July.
ETH Open Interest. Source: CoinglassEthereum Price Forecast: ETH breaks $1,741 resistance, eyes 50-day EMAOn the daily chart, ETH is maintaining a capped tone as it holds above the 20-day Exponential Moving Average (EMA) near $1,676 but remains below the 50-day EMA around $1,810 and the 100-day EMA just under $1,984. The Relative Strength Index (RSI) hovers in the mid-50s while the Stochastic Oscillator (Stoch) pushes into overbought territory, suggesting that the latest rebound is gaining momentum but is already running into a dense band of overhead supply.
On the topside, immediate resistance is seen at the convergence of the horizontal barrier at $1,806 and the 50-day EMA. A daily close above these would open the way toward the 100-day EMA near $1,984 and the subsequent caps at $2,019 and $2,108. Higher hurdles are at $2,211 and $2,389.
ETH/USDT daily chartOn the downside, initial support emerges at the 20-day EMA clustered around $1,676 if ETH fails to hold above $1,741. A break below would expose deeper floors at $1,524 and $1,405, before the longer-term base near $1,156.
(The technical analysis of this story was written with the help of an AI tool.)
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Ethereum’s monthly TD Sequential indicator reignited optimism after printing its first bullish trigger since March 2025.
Previous monthly buy signals had preceded rallies of 235% in 2022 and 182% in 2025, making the latest signal difficult to ignore.
However, the indicator only suggested that Ethereum could have approached another macro turning point rather than confirming a new bull market.
Historical performance alone does not guarantee a similar outcome because broader market conditions differ across cycles.
Leverage returned as bullish conviction increased Derivatives activity reflected renewed confidence as traders increased their exposure to Ethereum.
At the time of writing, Open Interest had climbed to 11.16B, recording a 13.15% daily increase, while Funding Rates surged 113.86% to 0.0129.
Those figures showed that leveraged long positions expanded during the latest recovery instead of remaining on the sidelines.
However, rising leverage also increased liquidation risk if Ethereum failed to maintain its recent gains.
Positive funding indicated that long traders paid a premium to hold their positions, reinforcing the bullish bias across perpetual futures markets.
However, derivatives data alone did not validate the monthly TD Sequential signal.
Rather, it showed that speculative demand had returned, leaving price action responsible for confirming whether buyers could sustain the growing optimism.
Source: CryptoQuant Ethereum double-bottom recovery faces major resistance Ethereum [ETH] rebounded from a well-defined double-bottom near $1,565 after buyers repeatedly defended that support level.
The recovery pushed the price above $1,700, placing the next technical barrier around $1,800, while $2,000 remained the next major resistance if buying pressure persisted.
RSI also climbed to 51.65, recovering above the neutral level after rebounding from deeply oversold conditions.
That shift reflected improving buying strength rather than weakening demand.
Even so, Ethereum continued trading below its major resistance zones despite reclaiming short-term support.
The current structure suggested buyers had regained control following the correction.
Still, only a decisive break above $1,800 would strengthen the case that the monthly TD Sequential signal aligned with a broader trend reversal instead of another short-lived recovery.
Source: TradingView Liquidity map points toward the next target The 24-hour Liquidation Heatmap showed the largest concentration of leveraged positions around $1,740-$1,750.
This placed a significant liquidity cluster directly above Ethereum’s current price.
Markets often gravitate toward heavily leveraged zones because liquidations create additional trading activity.
As a result, Ethereum retained room for another short-term advance before confronting stronger resistance near $1,800.
Meanwhile, another notable liquidity pocket remained around $1,680-$1,650, leaving downside volatility possible if buyers surrendered control.
The current distribution favored an attempt to sweep overhead liquidity first.
However, the heatmap highlighted areas of interest rather than guaranteeing direction, meaning Ethereum still needed a confirmed breakout to reinforce the broader bullish thesis.
Source: CoinGlass Conclusively, the monthly TD Sequential buy signal revived the long-term bullish outlook, but it did not confirm that Ethereum had entered a new macro uptrend.
The double-bottom recovery, RSI improvement, and rising derivatives activity supported the bullish proposition.
However, Ethereum would likely need to reclaim $1,800 before the technical structure fully aligned with the indicator.
Until then, the recovery remained constructive, but confirmation would depend on buyers overcoming nearby resistance rather than relying on the historical success of the monthly signal alone.
Final Summary Ethereum recovered from a double bottom while bulls targeted the $1,800 resistance level. Rising leverage supported bullish sentiment, though resistance still required decisive confirmation.
Donald Trump struck an optimistic tone on the U.S. economy, arguing that stronger economic growth could support both traditional financial markets like US Stock and risk assets such as cryptocurrencies.
His comments came as Bitcoin rose 1.99% to trade around $62,583, while Ethereum hovered near $1,751 and XRP traded close to $1.13 following a volatile second quarter.
The latest rally was largely driven by a macro-fueled short squeeze after weaker-than-expected U.S. jobs data eased investor concerns over additional interest rate hikes by the Federal Reserve.
Bitcoin is also reportedly showing a 76% correlation with gold, indicating that some investors increasingly view both assets as potential hedges against inflation amid shifting economic expectations.
Trump Says U.S. Economy Is StrengtheningTrump stated that the U.S. stock market had just completed its strongest quarter since his previous administration, pointing to gains in the S&P 500, Nasdaq, and Dow Jones Industrial Average.
"We are the strongest and most powerful country on Earth. And by the grace of God, the United States of America is the most successful, most accomplished, most exceptional nation ever to exist in human history." – President DONALD J. TRUMP 🇺🇸 pic.twitter.com/bGVSS80bJu
— The White House (@WhiteHouse) July 4, 2026 He argued that rising markets were helping boost Americans’ retirement savings through stronger 401(k) balances while his economic policies continued to support growth.
Trump credited several factors for the economic momentum, including:
Tax cuts aimed at increasing disposable income for working families.A narrowing U.S. trade deficit supported by rising exports.Trillions of dollars in announced investments contributing to factory construction, job creation, and manufacturing expansion.Calling it only the beginning, Trump said:
“The Trump economy is soaring. The Stock Market just completed its BEST QUARTER since the last time he was President. Stocks are surging, exports are rising, the trade deficit is shrinking, and trillions in investment are creating jobs. The Golden Age of America is just getting started.”
Stronger Growth and Lower Rates Could Benefit CryptoTrump also criticized the tendency of markets to react negatively to strong economic data due to inflation concerns.
He argued that stronger economic growth should be welcomed rather than feared and suggested that the Federal Reserve may have room to lower interest rates. Trump also praised former Federal Reserve Governor Kevin Warsh while indicating that some policymakers could make future rate cuts more difficult.
Historically, lower borrowing costs have been supportive of risk assets, including cryptocurrencies, making Trump’s comments particularly relevant for Bitcoin and the broader digital asset market.
Investors Continue Watching Policy DevelopmentsBeyond traditional markets, the Trump administration has become increasingly associated with a more crypto-friendly regulatory approach. Meanwhile, Congress continues to work on major digital asset legislation, including the CLARITY Act, as institutional adoption of cryptocurrencies expands.
The outlook for the second half of 2026 remains constructive for crypto markets if economic growth continues and investor confidence remains strong.
🚨 PRESIDENT TRUMP JUST DROPPED: "THE TRUMP ECONOMY IS SOARING! The Stock Market just completed its BEST QUARTER since the last time I was President."
"The S&P 500, Nasdaq, and Dow are all SURGING, sending Americans’ 401(k)s higher and higher. My Working Families Tax Cuts mean… pic.twitter.com/GvklqaQs7Y
— Eric Daugherty (@EricLDaugh) July 4, 2026 However, analysts caution that volatility could increase depending on future Federal Reserve decisions, tariff negotiations, and corporate earnings results, particularly from the artificial intelligence sector, which continues to influence broader market sentiment.
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After weeks of relentless selling, the crypto market is finally showing signs of stabilizing. While prices have bounced from recent lows, Santiment analyst Brian Quinlivan said investors shouldn’t focus on price alone. Instead, he said on-chain data may reveal where the strongest long-term opportunities are emerging.
One metric drawing attention is Market Value to Realized Value (MVRV), which compares an asset’s market value with the average acquisition cost of holders and is commonly used to assess whether a cryptocurrency appears overvalued or undervalued.
Here’s what Santiment’s latest metrics reveal for Bitcoin, Ethereum, and XRP.
Bitcoin: Sentiment Improves, But Whales Are Still SellingBitcoin price has recovered from around $58,100 to nearly $62,432, helping lift overall market sentiment. According to Quinlivan, Bitcoin’s social sentiment has climbed to its highest level in more than two weeks, showing traders are becoming more optimistic again.
However, he warns that the biggest players are telling a different story.
Wallets holding between 10 and 10,000 BTC have collectively sold around 54,700 BTC since mid-June. Historically, whale accumulation has often preceded more sustainable rallies, making the current selling trend something investors should continue watching.
Despite the selling, Quinlivan said Bitcoin’s long-term on-chain data remains encouraging. Its 365-day MVRV stands at roughly -30%, meaning the average long-term holder remains underwater. He said these deeply negative readings have historically marked attractive long-term accumulation zones rather than periods of excessive risk.
Ethereum: Whale Accumulation Is Slowly ReturningEthereum Price is beginning to show more constructive on-chain signals.
According to Santiment, wallets holding between 100 and 100,000 ETH have resumed accumulation after several months of selling. While Ethereum’s 30-day MVRV has moved slightly back into positive territory following its rebound toward $1,700, its longer-term outlook remains more attractive.
The 365-day MVRV remains close to -41%, a level Quinlivan compared to April 2025, when Ethereum was facing widespread bearish sentiment before eventually staging a major recovery toward its previous highs.
Although he expects Ethereum to remain largely dependent on Bitcoin’s direction, Quinlivan said long-term downside risk appears relatively limited compared to previous market cycles.
XRP: On-Chain Data Shows Extreme Oversold ConditionsAmong the three cryptocurrencies analyzed, Quinlivan believes XRP Price currently offers the strongest contrarian setup.
XRP recently defended the key $1.00 support, bouncing from roughly $1.01 while avoiding a decisive break below the psychological support level.
More importantly, both XRP’s 30-day and 365-day MVRV have dropped to around -45%, among the weakest readings recorded in recent years.
According to Quinlivan, these deeply negative readings have historically appeared after periods of retail capitulation following heavy losses. Similar conditions have often preceded meaningful recoveries once selling pressure begins to fade.
While he isn’t calling an exact market bottom, Quinlivan said XRP is currently sitting in one of its lowest historical risk zones, making it one of the most attractive long-term setups based solely on on-chain metrics.
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Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
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Nine Quiet Days, Then a Sharp ExitSpot Dogecoin ETFs broke a long stretch of inactivity on July 2, 2026, but not in a positive way. After nine consecutive trading days with no recorded flows, the sector logged approximately $871,000 in net outflows, according to data shared by @BSCNews.
The selling came entirely from @Grayscale's offering, the Grayscale Dogecoin Trust ETF (GDOG), which trades on NYSE Arca under that ticker. The shares trade on NYSE Arca under the symbol GDOG. Despite the capital exit, the fund retains its position as the largest spot $DOGE ETF by assets, with an AUM of approximately $6.92 million at the time of writing.
The trust was formed in January 2021 and commenced operations on January 30, 2025. Its registration statement was declared effective by the SEC on November 21, 2025, and shares began trading on NYSE Arca shortly after.
A Small but Growing Market Under PressureThe broader spot $DOGE ETF market remains modest compared to other crypto ETF categories. The structural shift began with the November 2025 launches of the Grayscale and Bitwise Dogecoin spot products, which slipped through during the US government shutdown via an automatic effectiveness process rather than a formal SEC sign-off, and was confirmed in January 2026 when 21Shares received the first direct SEC approval for a Dogecoin spot product (TDOG, listed on Nasdaq).
Three spot products collectively holding around $14.7 million in AUM is the institutional market voting with its wallet. That figure contrasts sharply with the multi-billion-dollar inflows that greeted spot Bitcoin and Ether ETFs in their early months. DOGE is now a listable, custodiable, regulated-wrapper asset, meaning compliance friction for offering it has collapsed. But the demand signal remains weak enough that desks should size DOGE exposure as a retail-engagement product rather than an institutional-flow story, at least until ETF AUM shows a sustained inflection.
For memecoins like Dogecoin, the road to sustained institutional adoption is still far from certain. For memecoins such as Dogecoin, episodic rallies may continue to be driven by retail enthusiasm and leveraged vehicles , rather than steady ETF-driven demand. Whether the second half of 2026 brings a reversal in flows, or a continued drift, will likely depend on broader altcoin sentiment and any renewed retail appetite for memecoin exposure.
Sources:
The Block: Grayscale Dogecoin ETF (GDOG) Status and Key Details
FinanceFeeds: Dogecoin ETF AUM and Utility Case, May 2026
StockTitan: Grayscale Dogecoin Trust ETF Q1 2026 10-Q Filing
Last month, Cardano’s ADA collapsed below $0.14, the lowest level since the end of 2020. Meanwhile, its market capitalization briefly plummeted to roughly $5 billion, leaving the asset temporarily out of crypto’s top 20 club.
The bulls, though, managed to halt the free fall and even stage an impressive comeback. Here’s what happened and the possible catalysts behind the resurgence.
Green Week for ADA As of press time, the token is worth almost $0.17, representing a 17% increase over the past 7 days. Perhaps the most evident reason pushing ADA higher is the broader market rebound following de-escalation news out of the Middle East.
Bitcoin (BTC) soared to $62,000, while Ethereum (ETH) surged past $1,700 amid reports that Iran and the USA are set to hold the next round of direct talks in the third week of July after the funeral of the supreme leader Ali Khamenei.
Another catalyst could be the excitement surrounding a Cardano upgrade scheduled to go live on July 6. Namely, this is the RealFi Phase 1 Testnet, described as “the first public step toward next-generation stablecoin infrastructure” on the project.
“Crypto’s clearest success story has scaled as money. But not as capital. Hundreds of billions of dollars sit idle in stablecoins: No utility. No impact on the real economy. We think that’s a problem worth solving – and the Testnet is where we start. During Phase 1, participants can explore the platform, use its core features, and share feedback that will directly shape the protocol. This is collaborative infrastructure-building in public, and we want you involved,” the announcement reads.
Speaking about the upcoming effort was Cardano’s founder, Charles Hoskinson, who called it “the largest upgrade” in the project’s history.
Numerous analysts noted ADA’s revival, arguing it has more fuel left to post further gains. X user Sssebi claimed the token “is on fire” and envisioned a short-term pump to $0.20, while Nehal predicted a jump to $0.23, provided the price holds above $0.16.
You may also like: Bitcoin (BTC) Starts July Under $60K, Cardano (ADA) Finally Rebounds: Market Watch ADA Faces Heavy Pressure, But Cardano’s On-Chain Data Tells Another Story BTC, ETH, and XRP Flash Buy Signals After Market Sell-Off: Santiment Not so Fast ADA’s recovery shouldn’t be seen as a guaranteed start of a new bull run, as the crypto market remains quite unstable and vulnerable to another severe pullback.
The asset’s Relative Strength Index (RSI) reinforces the bearish outlook. The technical analysis tool, which ranges from 0 to 100, has risen above 70, indicating that ADA is in overbought territory and due for a possible correction. Conversely, ratios below 30 are considered buying opportunities.
Cardano [ADA] has rallied 13.22% in the past 24 hours of trading, and its daily trading volume has exploded by nearly 60%. This price move came alongside the expected van Rossem hard fork.
This is an intra-era upgrade and not a major hard fork. It focuses on performance and governance, and introduces new Plutus built-in functions.
Combined with the broader market rebound and Bitcoin climbing back above $62,000, the upgrade gave Cardano another short-term catalyst.
What to expect next for Cardano Source: ADA/USDT on TradingView In April and May, the ADA bulls stubbornly clung to the $0.235 support level. Though the altcoin had been in a downtrend from September 2025, the price drop below $0.235 was a severe blow to bullish hopes.
The $0.32 support was another level of importance in the higher timeframe, which was broken in January 2026. This shifted the swing structure bearishly, and the structure remained in control of the sellers since then.
At the time of writing, too, the Cardano price action was bearish on the 1-day timeframe. The move from $0.19 to $0.138 in June was used to plot a set of Fibonacci retracement levels.
The 78.6% retracement level at $0.1789 has been breached to the upside, but the swing structure remained bearish. A daily session close above $0.19 is needed to flip the structure bullishly.
The technical indicators did not offer much hope to the bulls.
The MFI recovered above 50 to indicate upward momentum and increased buying pressure. Yet, the CMF was only at +0.03, despite the swift uptick in trading volume in recent days.
The CMF has been below 0 for the most part since March, signaling a lack of sustained buying pressure.
Traders’ call to action- Sell Source: ADA/USDT on TradingView The current Cardano bounce has reached overextended territory, according to the MFI indicator, whose readings were above the 80 threshold.
Swing traders have a good risk-to-reward opportunity to go short, with invalidation of the bearish idea being an H4 trading session close above $0.19. To the south, the $0.138 and $0.126 levels would be the next price targets.
Final Summary The van Rossem hard fork, an intra-era upgrade, has helped bolster the short-term Cardano market sentiment. The price structure was bearish across timeframes, and a rejection from the $0.178-$0.190 area appeared likely.
Cardano (ADA) founder Charles Hoskinson made noteworthy statements regarding Ripple and the XRP ecosystem. Hoskinson stated that Ripple has been actively working in the sector for a long time and that the company is taking concrete steps every day.
Hoskinson stated that Ripple has launched its RLUSD stablecoin, completed a $1.3 billion Prime Broker deal, and brought hundreds of banks into its ecosystem. Noting that Ripple has been in the industry for 12 years, Hoskinson said, “You have to keep developing.”
Hoskinson also touched upon Cardano’s technical development, stating that the Leios upgrade would provide approximately a 60x increase in in-system processing capacity. Arguing that this development would make Cardano as performant as XRP, Hoskinson added, “We haven’t compromised on our principles.”
Hoskinson also mentioned plans to accelerate ADA’s growth, stating that LayerZero, Circle, and other key companies have been included in the ecosystem as part of the Pentad initiative. He added that growth-oriented teams like AlphaGrowth are also involved, and that commercial products will be developed to increase Cardano’s total locked asset value and trading volume.
Hoskinson stated that the Cardano ecosystem is also focused on increasing scalability on the technology side, saying, “Everyone is moving forward, we’re working 24/7. We all work very hard here and we don’t stop. The market isn’t where it should be, but it’s in a much better state compared to 2018.”
Hoskinson also made statements regarding the Midnight project. He said that Midnight initially focuses on the “big 7” ecosystem, including Bitcoin, Ethereum, Cardano, Avalanche, Solana, BNB, and XRP, and that users from these networks can join Midnight.
*This is not investment advice.
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Open Standard’s announcement of its Open USD stablecoin initiative has sparked debate in South Korea, with several major companies raising objections. Despite being listed as consortium members, some firms have stated they never officially joined the project and only saw their names mentioned after the news spread in local media.
Back-to-back statements from listed companiesOn June 30, Open Standard declared that Open USD, a stablecoin pegged to the US dollar, is set for launch in the coming months. The company revealed that over 140 organizations—including financial institutions, payment service providers, tech leaders, and crypto firms—would participate in the venture.
The announcement named international powerhouses such as Visa, Mastercard, BlackRock, and Google, alongside Korean heavyweights like Samsung Electronics, Dunamu, Shinhan Financial Group, KakaoBank, K Bank, Hyundai Card, KB Kookmin Card, BC Card, Hana Card, Samsung Card, Woori Card, NH Nonghyup Card, and Hanwha. However, numerous Korean companies on the list have emphasized that their participation is not finalized.
Samsung Electronics clarified there have been no official talks with Open Standard and that it has no information about any prospective role within the consortium. Dunamu, Shinhan Financial Group, and K Bank issued similar statements distancing themselves from the project.
According to company representatives, they were merely approached to gauge interest in the initiative. While these firms confirmed they might consider the offer, they made it clear that this does not constitute official approval or partnership. The situation has heightened questions about the actual status of several names highlighted in the Open USD announcement.
The structure behind Open USDOpen Standard stated that Open USD is being developed as a utility-focused stablecoin, with management shared by participating companies during the development phase. Importantly, the company stressed that the project would not function as a decentralized autonomous organization (DAO) or use a profit-sharing partnership model.
In the proposed system, participants can mint Open USD tokens by depositing US dollars into a reserve account. Conversely, they can return tokens to the issuing institution to redeem their cash. Open Standard assured that there will be no fees for these transactions and no restrictions on the number of operations that can be performed.
Mini glossary: A stablecoin is a type of digital token typically pegged to an asset like the US dollar. In reserve-backed models, the issuer aims to hold cash or similar assets that match the value of tokens in circulation.
Revenue sharing model stands outOpen Standard explained that its revenue model will be built around profits generated from reserve assets. After deducting operational expenses, earnings from the reserves will be distributed among participating members. This diverges from the Tether and Circle models, where issuers keep reserve-generated income internally.
Industry circles in South Korea see this project as a potential competitor to USDT and USDC. Nonetheless, companies named in the initial announcement stress that the nature of Open USD’s partnerships remains unclear and is yet to be finalized.
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.
Countries are scrambling not to fall behind in AI — and French President Emmanuel Macron and Indian Prime Minister Narendra Modi are leading a personal charm offensives to court tech CEOs.
The pair have ramped up moves to court leaders of the world's biggest tech companies this year, as they look to secure investment and major AI infrastructure projects.
They stand out among the countries scrambling to develop the data centers and ecosystems needed to power the tech, for their use of personal relationships.
The French President hosted AI bosses at the G7 summit in June, and personally convinced SoftBank boss Masayoshi Son to invest tens of billions of dollars into AI data centers in the country.
Modi met with Amazon's CEO Andy Jassy last Thursday, and welcomed the U.S. tech giant's "record $48 billion investment" in the country, of which $21 billion will be for AI and cloud infrastructure.
Modi last year met Microsoft chair and CEO Satya Nadella, Google CEO Sundar Pichai and Intel's CEO Lip-Bu Tan, with all of them committing to help develop India's AI ecosystem.
Macron hosts AI leadersIn May, SoftBank announced plans to build 3.1 GW of AI data centers in France by 2031, as part of a 75-billion-euro program to roll out 5 GW of AI data center capacity.
Macron requested a meeting with SoftBank's Son to persuade him to commit to the project two months earlier, and the two exchanged texts as they hashed out the details, Son told CNBC in an interview.
Macron touted France's power capacity — the country gets a large amount of its electricity from nuclear — and committed to securing the SoftBank projects 3GW instead of 2GW, the number the French premier first suggested, he added.
"His team, the government team is very supportive," Son said. "His team and our team work in collaboration very well."
Around the same time, Macron approached tech bosses to join a working lunch with world leaders, including U.S. President Donald Trump, at the G7 conference in June, which France was hosting.
CEOs including OpenAI's Sam Altman, Anthropic's Dario Amodei, Google DeepMind's Demis Hassabis all took part.
Other tech chiefs including France-based Mistral CEO Arthur Mensch, Canada's Cohere CEO Aidan Gomez, Italian company Domyn's Uljan Sharka, U.K. AI scaleup Synthesia's Victor Riparbelli and German-based Black Forest Labs' Robin Rombach were also there.
India Modi too hosted top U.S. tech leaders earlier this year at the Global AI summit in India, leading to commitments of hundreds of billions of dollars into Indian AI efforts.
"India does not see fear in AI. India sees fortune in AI. India sees the future in AI," Modi said in his opening remarks at the summit in February, urging global tech leaders to "Design and Develop in India" to deliver to the world.
Securing investments and partnerships for developing AI has been a top priority for Modi. India does not yet produce cutting-edge chips domestically, nor does it have a frontier-scale foundation model on a par with leading U.S. or Chinese models, so it is widely seen as a laggard in the AI race.
The prime minister has been encouraging global tech firms to invest in developing AI infrastructure and chips in the country.
Months before the summit, India secured Microsoft's largest investment in Asia to help build the sovereign capabilities needed for India's AI-first future, while Google announced an investment of $15 billion in India to build the firm's largest AI hub in the world outside of the U.S. To encourage hyperscalers to build AI data centers in India, Modi's government has offered long‑term tax breaks to them.
It is also encouraging local companies to develop semiconductors in the country.
During Modi's visit to the Netherlands in May, Dutch firm ASML said it would supply advanced lithography tools and solutions for the 300mm semiconductor fab being set up by Indian firm Tata Electronics. Intel's Lip-Bu Tan, who met Modi last December, also signed up as a prospective buyer for chips made by Tata Electronics.
India relies heavily on foreign AI models and computing hardware, which makes its AI ambitions vulnerable to export control directives of other countries.
The recent global AI stocks rally has completely skipped India due to the lack of any large-scale AI play, making Modi's urgency to attract capital and technology evident and all the more important.
BlackRock (BLK +1.57%) is one of the largest sponsors of exchange-traded funds (ETFs). ETFs make up around 40% of its business. There's just one problem with that: ETFs generally have low expense ratios. ETFs are a reliable business, but other businesses are more profitable. One such business is private markets, where BlackRock is currently focusing its growth efforts. Here's what you need to know.
BlackRock has a solid foundation To be fair, given the size of BlackRock's ETF business, it generates significant revenue from these generally low-cost products. Economies of scale are hugely important in the finance industry. The company's ETF operation is a solid foundation for its other businesses. And, notably, it can even complement them. That's actually an important fact to consider as BlackRock looks to expand its private markets operation.
Image source: Getty Images.
Private market investments are, basically, investments in non-public businesses. These investments take many forms, including debt, real estate, infrastructure assets, and private company investments. Investors hope that returns from private market investments will be higher than those available from public markets. For BlackRock, a manager of private-market investments, the appeal of the space lies in the higher fees it can generate from managing these investments.
Notably, BlackRock's organic net fee growth rose 8% year over year, marking the seventh consecutive quarter above 5%. The 8% figure is also the highest for the first quarter in five years. A big part of the story has been the company's push over the past several years to build out its private markets business.
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BlackRock is ready for the next big opportunity At this point, BlackRock is something of a one-stop shop, allowing customers to meet a plethora of investment needs with just one relationship. However, there's an important aspect to this story that could allow the company to really hit the accelerator. At this point, private market investments aren't generally available in retirement accounts, like a 401(k).
There are efforts underway to change that, which would open up a whole new playing field for BlackRock. It already has a place at the table, however, so it will just be expanding on existing relationships. That will likely even include increasingly adding private-market investments to ETF products. If you own BlackRock or are considering buying it, you will want to keep a close eye on the growth of its private markets business. It could even be more important to the company's earnings than the sheer size of the assets it manages, given the higher fees private market investments generate.
Shielded Labs has raised the possibility of delaying Zcash’s Ironwood network upgrade, citing readiness concerns among exchanges, mining pools and wallet providers ahead of the planned late July activation.
Summary
Shielded Labs says Zcash’s Ironwood upgrade may be delayed as ecosystem participants need more preparation time. Exchanges, wallets and mining pools are simultaneously migrating from zcashd to the new Z3 software stack. Ironwood is designed to secure Zcash’s shielded supply after the Orchard “infinity” bug was disclosed. According to a July 3 X post on the Zcash community forum by Shielded Labs executive director Jason McGee, the network is attempting to complete two major changes at the same time. Alongside Ironwood, infrastructure providers are also expected to replace Zcash’s long-running node and wallet software, zcashd, with a new software suite known as the Z3 stack.
McGee said feedback from ecosystem participants showed mixed levels of preparedness. While some operators believe they can complete the migration before the planned activation window, others have indicated they will require additional time to deploy and test the new software. He added that no decision has been made to postpone Ironwood.
Infrastructure migration remains the biggest hurdle As part of the transition, Zcash is retiring zcashd, which has long been used by exchanges, wallets and other network operators to connect to the blockchain and process transactions. Its replacement consists of Zebra for running network nodes, Zaino for blockchain data services and Zallet for wallet functionality.
According to Zcash’s official migration guidance, some features available in zcashd will not have direct replacements, meaning operators may need to modify their own infrastructure before switching to the new stack. McGee also said both Zallet and Zaino remain under development and are not yet considered production-ready, making deployment timelines uncertain for some ecosystem participants.
The overlap between the software migration and Ironwood activation has created a practical challenge. Delaying Ironwood could extend uncertainty around Zcash’s shielded supply, while proceeding without sufficient preparation could leave exchanges, mining pools, and wallet providers struggling to complete the migration safely.
Ironwood is designed to secure Zcash’s shielded supply Ironwood was proposed after researchers identified an “infinity” bug in Orchard, Zcash’s primary shielded transaction pool. According to the development team, the vulnerability could theoretically have allowed an attacker to create an unlimited amount of counterfeit ZEC inside Orchard without immediate detection. Developers also said they found no evidence that the flaw had ever been exploited.
Because Orchard’s privacy protections prevent anyone from proving that no counterfeit coins were created, Ironwood introduces a replacement shielded pool and closes Orchard to new activity. Funds leaving Orchard would pass through an accounting checkpoint that prevents more ZEC from exiting than originally entered, allowing users to verify that the circulating supply stays within the protocol’s intended limits.
Earlier this year, developers temporarily disabled Orchard transactions through an emergency network update after disclosing the vulnerability while work on Ironwood continued. The upcoming upgrade forms the permanent solution intended to restore confidence in the network’s shielded supply.
Meanwhile, Zcash founder Zooko Wilcox said recent security reviews have not uncovered any additional serious vulnerabilities in the new implementation. He added that developers are continuing to verify the upgraded system before Ironwood is activated, while discussions remain ongoing over whether additional preparation time is needed for ecosystem participants before the network upgrade proceeds.
KuCoin’s cloud mining subsidiary KuMining has rolled out Zcash mining contracts, marking an expansion beyond Bitcoin into one of the few proof-of-work altcoins still drawing sustained market attention. The timing is sharp. ZEC has quietly become a top performer in the altcoin space, according to recent market data included in a weekly gainers roundup that placed it among the biggest risers with a 58.24% weekly jump.
The launch was detailed in the original report, where KuMining framed the move as bringing institutional-grade mining infrastructure to a broader user base. That phrase matters because cloud mining has a checkered reputation in crypto. Many retail miners have been burned by opaque providers, hidden fees, and exaggerated returns. KuMining, backed by a regulated exchange, is trying to differentiate itself by offering transparent contract terms and infrastructure that large-scale miners would use.
Why Zcash Cloud Mining Now The altcoin mining landscape shifted dramatically after Ethereum’s transition to proof-of-stake. Many GPU miners moved on, but Zcash, with its ASIC-dominated Equihash algorithm, remained a bastion for professional mining operations. KuMining’s entry into ZEC cloud mining signals that the platform sees enough demand to make new contract types viable. The 58% weekly surge in ZEC’s price makes the economics more attractive for potential buyers, but the real question is durability. Proof-of-work altcoins that survive multiple cycles tend to do so because of entrenched mining communities and consistent exchange support rather than hype.
By offering Zcash contracts, KuMining is effectively betting that retail miners want exposure to something beyond Bitcoin without navigating hardware purchases, electricity costs, and pool configurations. That convenience always comes at a premium, and contract profitability math doesn’t always favor the buyer when network difficulty climbs.
The Credibility Problem in Cloud Mining Cloud mining has long been a magnet for fraud. Countless platforms launched during the 2017 and 2021 bull markets, only to vanish when mining yields dried up. KuMining’s survival since 2021 and its connection to a major exchange—KuCoin handles billions in daily volume—set it apart from purely anonymous operations. Still, no exchange affiliation automatically guarantees profitability. Users buying ZEC mining contracts are still betting on network difficulty staying manageable and Zcash’s price holding its recent levels.
The platform says it uses institutional-grade infrastructure, but that claim is difficult for retail buyers to verify. What matters more is the contract structure: fees, duration, and the point at which the contract becomes unprofitable. If difficulty spikes and ZEC gives back some of its recent gains, even a well-structured contract can turn negative fast. KuMining’s reputation will depend on how it communicates those risks, not just on the brand name behind it.
What Retail Miners Should Watch Zcash’s supply dynamics matter here. The network has no imminent halving—its emission schedule follows a steady decay curve similar to Bitcoin’s later stages. That means block rewards won’t drop sharply overnight, but profitability is sensitive to the ZEC/USD rate. Regulatory pressure on privacy coins also lurks as a constant risk. Exchanges have delisted privacy-focused tokens in the past under regulatory heat, though Zcash has so far managed to stay listed on major platforms including KuCoin. For cloud mining contract buyers, any change in exchange support could quickly erode the value of mined coins.
KuMining’s ZEC rollout is a bet that retail miners are still hungry for easy exposure to proof-of-work assets beyond Bitcoin—but the bet works only if Zcash’s market momentum holds. The contracts may attract buyers in the short term, but the real test is whether they can deliver positive returns over the duration of a typical mining plan, especially if the broader altcoin market enters another cooling phase.
AUTHOR
Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.
SummaryOracle is reiterated as a buy, with robust AI-driven growth, strong demand, and a multiyear low valuation supporting the thesis.Cloud Infrastructure growth accelerated to 93% YoY, offsetting a slowdown in Cloud Applications and demonstrating continued strong demand and justified CapEx.FY2027 guidance calls for $90 billion in revenue (+34% YoY) and $8.05 non-GAAP EPS (+18%), with temporary gross margin pressure from data center ramp-up.Despite losing a major Microsoft contract and elevated leverage (debt/equity 5.08), Oracle trades at a steep discount to IT peers, making current market pessimism appear excessive. hapabapa/iStock Editorial via Getty Images
Introduction Early this year, I upgraded Oracle Corporation (ORCL) to a buy rating, and in April, I reiterated my bullishness, citing robust AI-driven growth, strong demand, and a multiyear low valuation. As shown in the
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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The XRP Ledger blockchain has moved close to a historic milestone of 1 million transactions conducted exclusively by autonomous AI agents, according to data from the t.54 service. This large-scale operational surge inside the ecosystem coincided with a powerful wave of broader July market revival.
Against this backdrop, investors are facing the main question: is the resulting impulse enough to push the XRP cryptocurrency through key barriers toward the $1.30 target?
XRP price on a weekly timeframe within Bollinger Bands, Source: TradingViewThe technical answer to this question is being formed right now on the daily chart. While market sentiment is pushing quotes higher, XRP has settled at $1.1194, showing growth of almost 3% over the past 24 hours, and this move allowed the price to break through the middle Bollinger Band on the daily timeframe at $1.1112.
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The local movement is now directed toward the upper boundary of the envelope at $1.2320.
How 1 million AI transactions are complementing the bull case for XRPThe current market dynamics are being further supported by a fresh technological narrative in the form of the XRPL x402 payment facilitator from the t54 team, created with Ripple's support. The protocol uses the native internet code 402 Payment Required, allowing AI bots to directly pay each other for computing power or data, fully removing manual wallet management and the purchase of complex API keys from the chain.
The surge in activity from machines using XRP Ledger's native token and stablecoins for settlements has given the asset a strong informational backdrop exactly at the moment of the market reversal.
Recently, nearly a million agent transactions have settled through our XRPL x402 facilitator.
More agents, more merchants, and more volume are coming to the XRP Ledger. pic.twitter.com/xqwt8MAPUF
— t54.ai (@t54ai) July 3, 2026 The automation of payments between robots launches a long-term deflationary mechanism, since every on-chain operation burns part of the network fee, reducing the available supply of coins.
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The current practice clearly illustrates the well-known 10-year forecast from Ripple's leadership. According to it, over the next decade, autonomous artificial intelligence will become one of the main consumers of network liquidity, turning blockchain into the base settlement infrastructure for robots.
Now, as broader July trends have given XRP its initial push, consolidation above the daily indicators is preparing the ground for a test of the main barrier, which is the weekly middle Bollinger Band at $1.3147.
A breakout of this zone against the backdrop of record AI-agent activity will become the final confirmation that the multi-month downtrend has been definitively broken, while the $1.30 target is fully open for buyers.
The Canary Capital Hedera ETF (Nasdaq: HBR) recorded its largest single-day inflows in nearly seven weeks on July 2, pulling in $989,000 in net new capital. The figure marks the first inflows the product has seen since June 12 and comes close to matching the fund's previous high-water mark of $1.01 million, set on May 15.
The timing is notable. The U.S. spot ETF for $HBAR, launched by Canary Capital, had recorded zero investor inflows for multiple consecutive weeks as of late June 2026, with another week of no capital flows noted as recently as June 27. The July 2 reading breaks that run of silence and puts the fund back in positive territory, at least for now.
A Brief History of HBRCanary Capital launched the Canary HBAR ETF (Nasdaq: HBR), a U.S. exchange-traded fund providing spot exposure to $HBAR, the native token of the Hedera network, with the fund declared effective by the SEC and beginning trading on October 28, 2025. Unlike futures-based funds, HBR holds actual HBAR tokens in custody, making it the first-ever spot ETF offering direct exposure to HBAR.
The ETF currently holds 1.56% of $HBAR's circulating supply, according to data cited by @BSCNews. That figure has grown steadily since launch. As of late March 2026, the fund had accumulated 549 million HBAR, representing 1.3% of circulating supply and $93 million in total inflows.
Context and What to WatchThe brief return of inflows comes against a backdrop of mixed signals for the product. The prior stretch of stagnation contrasted with active flows into other altcoin ETFs, indicating a lack of fresh institutional capital specifically for HBAR.
On the regulatory front, the picture is more constructive. Hedera's regulatory position strengthened on March 17, 2026, when the SEC and CFTC jointly classified HBAR as a "digital commodity," removing major legal uncertainty. That foundation supports the 15 active spot ETF filings, including those from Grayscale and Bitwise, alongside the existing Canary product.
Whether July 2's inflows represent a turning point or a one-off remains to be seen. For now, the fund's holders will be watching closely to see if institutional interest can sustain itself through the summer.
Solana's RWA ecosystem has reached another major milestone after climbing to a new all-time high of $3.62 billion in total value.
The network added more than $540 million in RWA value over the past 7 days alone, extending a growth trend that has accelerated throughout 2026. At the start of the year, Solana's RWA ecosystem stood at approximately $1.4 billion. In just 6 months, the network has added more than $2 billion in tokenized assets.
The latest milestone places Solana behind only Ethereum, which holds approximately $15.9 billion in RWAs, and BNB Chain, at roughly $3.9 billion.
Growth Continues Across Over the past 30 days, Solana's RWA market has grown by more than 33%, but the expansion extends well beyond asset value. The ecosystem now hosts 2,119 distinct RWAs and 292,818 RWA holders, reflecting continued growth in both the number of available products and user participation.
Tokenized financial products continue to attract new users, while existing issuers expand their offerings on the network.
Solana Leads 30D Capital Flows According to RWA.xyz data, Solana recorded approximately $967 million in net inflows over the past 30 days, the highest among all blockchain networks by a wide margin.
Ethereum moved in the opposite direction, recording approximately $202 million in net outflows during the same period.
The flow data indicates that new capital has increasingly favored Solana as institutions and issuers expand their onchain products.
Spiko Brings Native Tokenized Fund to Solana Part of that momentum comes from the continued arrival of institutional issuers. On July 2, Spiko officially launched on Solana, becoming the first European issuer to deploy natively on the network.
Spiko is one of the world's largest real-world asset issuers and one of the fastest-growing tokenized fund platforms in history. Its flagship product, the Spiko Amundi Overnight Swap Fund (SAFO), is managed by Amundi, Europe's largest asset manager with €2.4 trillion in assets under management.
Investors can mint, transfer, and redeem fund shares directly onchain, with subscriptions and redemptions settled in Circle's stablecoins.
SAFO is a UCITS-compliant money market fund that offers overnight liquidity while targeting yields above risk-free benchmarks. The launch expands the availability of institutional-grade investment products on Solana and demonstrates growing confidence in blockchain-based financial infrastructure.
With more than $2 billion added in just 6 months, record capital inflows, and increasing participation from major financial institutions, Solana continues to establish itself as one of the leading blockchain networks for real-world asset tokenization. The latest all-time high of $3.62 billion highlights the pace at which traditional finance and blockchain infrastructure continue to converge.
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Solana Breaks Records Across Trading, Revenue, and Transactions in Q2 2026
Solana’s tokenized assets and memecoin revival drove SOL to a 30-day high at $83.Bullish leveraged appetite cooled sharply, suggesting traders are hesitant to bet on further gains to $90.Solana’s SOL token jumped to its highest mark in over 30 days on Friday at $83, marking a decoupling from the altcoin market. SOL’s rally gained steam from a surge in tokenized trading volume on Solana, inflows of stablecoin liquidity, and an unexpected comeback in memecoin activity. Can SOL reclaim the $90 level?
Total altcoin market capitalization, USD (left) vs. SOL/USD (right). Source: TradingView
SOL’s bullish momentum ignited on June 23, coinciding with cumulative tokenized stock transfers on Solana surpassing $10 billion. The launch of SpaceX shares trading by Backpack propelled Solana’s decentralized finance (DeFi) utilization. In contrast, the broader altcoin market extended its downtrend, hitting the lowest level since December 2023.
30-day tokenized assets net flows ex-stablecoins, USD. Source: RWA.xyz
Tokenized assets on the Solana network surged to a record-high $3.5 billion on Wednesday, up from $2.7 billion one month prior. The recent boost came from corporate credit tokens and stock market indexes, such as the S&P 500 and the Nasdaq-100. According to RWA.xyz data, Solana leads with 294,274 active addresses in the tokenized industry, followed by Ethereum with 204,955.
Memecoins, prediction markets surge may push SOL toward $90The airdrop of The Black Bull (ANSEM) memecoin on Sunday re-ignited interest in the sector. The token, launched on Pump.fun, reached a $60 million market capitalization on Tuesday. The anonymous developer directed some 65% of the supply to the crypto influencer Ansem’s public wallet. The distribution lacked transparency, but involved 74,000 addresses over the initial 3 days.
Top 7-day performances of Solana tokens. Source: CoinRanking
Multiple memecoins on Solana surged on the back of the memecoin airdrop, but the biggest winner was the Pump.fun platform token (PUMP). The 27% weekly gains were enough to send PUMP back into the top-100 crypto rankings, with a $630 million market capitalization. ANSEM memecoin extended its gains on Friday, reaching an all-time high market capitalization of $112 million.
The launch of World prediction markets integrated on Phantom wallet has created expectations for increased Solana activity. The project gathered nearly $890,000 in total value locked in two days and aims to compete with the extremely successful Polymarket amid the World Cup betting frenzy. Jupiter has also unveiled its prediction markets under beta test on June 29.
SOL perpetual futures annualized funding rate. Source: Laevitas
The appetite for bullish leveraged positions has vastly declined since Wednesday, when SOL’s price crossed above $75 for the first time in 30 days. SOL futures annualized funding rate dropped to 3% on Friday from an 11% peak two days prior. Under neutral conditions, the indicator should range from 6% to 12% to offset the capital cost.
Investors are not comfortable betting on a SOL rally to $90 merely on the back of a temporary memecoin demand surge. Unless there is sustainable demand for blockchain activity, there are no apparent drivers for SOL to further widen its performance gap relative to the remaining altcoins.
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