Track market-moving stories before they get noisy

SemiAnalysis' Doug O'Laughlin says Intel's turnaround case rests on executing its foundry strategy after decades of missteps. He argues the company's domestic manufacturing footprint is a scarce strategic asset and warns against giving up its Ohio clean room as AI chip demand accelerates.

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.

This site is protected by reCAPTCHA.

Roblox (RBLX -0.10%), which encourages people to build and explore their own digital worlds on its gaming platform, will report its second-quarter earnings on July 30. Analysts expect its revenue to rise 11% year over year as it narrows its net loss.

However, Roblox's stock has still declined 60% over the past 12 months. Let's see why it dropped, and if it's worth accumulating before it posts its latest earnings report.

Image source: Getty Images.

Why did Roblox's stock sink? Roblox lets its users create games with a simple block-based system that doesn't require any coding knowledge. Its developers can monetize their games with features to earn an in-game currency called Robux. Its players can directly purchase Robux on the platform.

Roblox generates most of its revenue by selling Robux to its players, but it's also building an advertising business with integrated videos and in-game metaverse ads. Roblox's simplicity made it popular among tween users, who drove most of its growth during the COVID-19 pandemic. But as the pandemic passed, it focused on gaining more older and overseas users.

Today's Change

(

-0.10

%) $

-0.05

Current Price

$

47.50

But after peaking at 152 million daily active users (DAUs) in the third quarter of 2025, Roblox's user base shrank to 144 million DAUs in the fourth quarter and 132 million DAUs in the first quarter of 2026. Its total hours engaged also dropped from 40 billion in the third quarter of 2025 to 35 million in the fourth quarter of 2025 and 31 million in the first quarter of 2026.

That ongoing decline -- which it attributed to a seasonal post-summer drop, waning interest in viral games like Brainrot, international outages and bans, and safety-related reforms -- spooked its investors. The high costs of expanding its infrastructure, upgrading its safety features to protect minors, and converting its users' Robux back to cash will also keep it unprofitable for the foreseeable future. In other words, it hasn't yet proven its business model is sustainable.

Roblox's stock isn't cheap at eight times this year's sales, and its insiders have been net sellers over the past three months. Therefore, I suspect that Roblox will disappoint the market again with sequential declines in its DAUs and engagement hours in the second quarter. While its stock might look like a tempting contrarian play after its year-long decline, I wouldn't touch it unless those key metrics move in the right direction as it stabilizes its steep losses.

Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Roblox. The Motley Fool has a disclosure policy.

Securities Fraud Investigation Into Pentair plc (PNR) Continues - Shareholders Who Lost Money Urged To Contact Glancy Prongay Wolke and Rotter LL

Robinhood Chain token launch platform Memecoin.Fun has raised $3.5 million in strategic funding as the network’s decentralized exchanges approach $9 billion in cumulative trading volume.

Summary

Memecoin.Fun raised $3.5 million in strategic financing led by Becker Ventures. Funding will support launchpad infrastructure, cross-chain bridges, and a multichain memecoin platform. Robinhood Chain’s growing activity is increasing competition among token issuance platforms. According to an official announcement from Memecoin.Fun, Becker Ventures led the financing, while BitValue Capital, Mason Labs, Negentropy Capital, and angel investor Billy Wen also participated. The platform completed the transaction through the USDG token, although the announcement did not disclose Memecoin.Fun’s valuation or the terms received by investors.

Memecoin.Fun plans to use the capital to build its core products and technical systems. Its proposed work includes launchpad infrastructure for Robinhood Chain, cross-chain bridge functions, and research and operations for a platform designed to support memecoins across multiple blockchains.

By developing launch and cross-chain tools at the same time, Memecoin.Fun is entering a market that already includes projects competing for token creators and traders on Robinhood Chain. The funding announcement did not provide a release schedule for its launchpad, bridge, or multichain product.

Funding targets launch and cross-chain tools Memecoin.Fun’s financing arrives as token issuance platforms prepare new products for the recently launched Ethereum Layer 2 network. Robinhood Chain has focused on bringing traditional financial assets on-chain, but early trading has been led mainly by speculative tokens, according to data previously reported by crypto.news.

Memecoins have generated more than 80% of decentralized exchange activity on Robinhood Chain, crypto.news reported. The concentration gives token launch platforms access to the network’s most active trading segment, even as Robinhood Chain develops infrastructure for tokenized stocks and other real-world assets.

Another launchpad, Pons, unveiled plans for its V2 upgrade on July 23, according to an earlier crypto.news report. The update is scheduled for the following week and is expected to introduce an Ether-based bonding curve, Uniswap V4 integration, creator payments in ETH, and trading pairs linked to tokenized real-world assets.

According to the Pons team, V2 will change how tokens are issued, traded, and transferred into decentralized liquidity pools on Robinhood Chain. Two partners are still auditing the contracts, however, and Pons cautioned that its planned features could change before deployment.

Pons attributed the redesign to feedback collected during its first weeks of operation. After facing several attacks following launch, the team worked with infrastructure partners to stabilize the protocol and stated that it would continue developing products for Robinhood Chain traders.

The two platforms are taking different routes within the same emerging market. Memecoin.Fun has secured outside capital to develop a launchpad, bridge functions, and multichain support, while Pons is preparing an upgrade centered on ETH liquidity, Uniswap V4, creator revenue, and tokenized-asset pairs.

Neither announcement supplied comparable figures for users, trading volume, token launches, or revenue. As a result, the information released by the projects does not yet show which platform has gained more activity or whether their upcoming products will attract lasting liquidity.

Robinhood Chain activity raises competitive stakes Within three weeks of its launch, Robinhood Chain attracted $431 million in total value locked and nearly $400 million in stablecoin market capitalization, according to figures previously cited by crypto.news. Those totals give launch platforms a growing pool of on-chain capital, although crypto.news noted that most decentralized exchange activity has remained tied to memecoins rather than tokenized real-world assets.

FalconX reported additional signs of rapid adoption in a research primer published Monday. Citing network data, the digital asset brokerage said Robinhood Chain was processing about 6 million transactions per day and serving more than 250,000 daily active users after its July 1 mainnet launch.

Using Artemis data, FalconX also reported that Robinhood Chain had moved ahead of Coinbase’s Base network on some activity measures. The research firm placed cumulative decentralized exchange volume near $9 billion, indicating that traders have generated substantial turnover during the chain’s opening weeks.

FalconX described Robinhood Chain as one of the busiest blockchains following its mainnet debut, though its primer did not establish how much of the activity would continue after the initial launch period. crypto.news data showing memecoins responsible for more than four-fifths of exchange activity also indicates that speculative assets have driven much of the network’s early use.

For Memecoin.Fun, the funding provides resources to compete for that trading activity while building links with other chains. Its planned bridge could allow assets or users to move between networks, while the all-chain product would extend its token-launch model beyond Robinhood Chain if the team completes the proposed development.

The announcement did not identify supported chains, bridge security partners, an audit schedule, or dates for product deployment. Those details will determine how quickly Memecoin.Fun can put the $3.5 million financing to work as Pons and other launchpads release competing tools for Robinhood Chain’s growing base of traders and token creators.

BOK Financial delivered record Q2 loan production, best-in-class credit metrics, and raised FY26 guidance, but shares reflect full operational excellence. At $142 per share, BOK Financial trades at approximately 13.6x forward EPS, which falls within our estimated fair value range of $140–$149. Loan growth, fee income diversity, and exceptional credit quality support the premium, but H2 net interest margin expansion is the key variable to monitor.

Liga MX, Mexico’s premier professional soccer league, has appointed Francisco Iturbide as its new president, replacing Mikel Arriola in a move that signals a fundamental rethinking of how the league operates. The appointment, made during an owners’ assembly on July 24, 2026, comes at a particularly strategic moment: right before the 2026 FIFA World Cup kicks off on Mexican soil.

Liga MX is simultaneously creating an entirely new legal entity, Liga Mexicana de Futbol Profesional A.C., designed to give the league operational independence while maintaining its relationship with the Mexican Football Federation.

From intern to president Iturbide started at Liga MX as an intern 11 years ago and worked his way up to Director General of Competitions, Operations, and Development before landing the top job.

Advertisement

His predecessor, Mikel Arriola, moved to become commissioner and president of the FMF in December 2024, creating the vacancy that Iturbide now fills.

Iturbide has expressed pride in the appointment, framing it as a reflection of his long-standing commitment to the league’s evolution.

The Premier League blueprint Liga MX is modeling its new governance framework after the English Premier League, which operates as its own entity separate from the English Football Association.

Under the new structure, all 18 Liga MX clubs will have equal voting rights. Four specialized committees have been established covering sports, commercial strategies, ethics, and good governance.

World Cup timing is no accident The 2026 World Cup, co-hosted by Mexico, the US, and Canada, represents a significant commercial opportunity for Liga MX. Having a new governance structure in place before the tournament begins positions the league to attract international sponsors, broadcasters, and investors during a period of unprecedented global attention on Mexican soccer.

What investors and the market should watch The separation from the FMF means Liga MX can negotiate its own commercial deals with greater autonomy. Broadcasting rights, sponsorship packages, and international expansion strategies can now be pursued without navigating layers of federation bureaucracy.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

HYPE, the native token of decentralized exchange protocol Hyperliquid, continued to experience downward pressure as mixed market signals and declining spot ETF inflows shaped investor sentiment this week. A critical test of technical support levels on Friday, July 24, 2026, became a focal point for market participants seeking signs of future price direction.

Price action and technical levelsAs of Friday, Hyperliquid (HYPE) traded at $58.78, registering a modest daily decline of 0.67%. Trading volume dropped by 11.26% in the last 24 hours, settling at $343.39 million. CoinMarketCap data indicated a 3% decrease in HYPE’s value over the previous week.

Market analyst Crypto Patel noted that HYPE’s current price action is reminiscent of the so-called institution pattern that preceded its last all-time high. While some traders interpreted the recent pullback as a sign of weakness, Patel argued that it likely reflects a search for market liquidity rather than a genuine reversal.

Patel observed that HYPE’s weekly chart continues to display higher highs and higher lows, suggesting an ongoing bullish structure. He described the present correction as a liquidity reset, not a shift to a long-term bearish trend.

The analyst further identified a fair value gap between $47 and $54 based on the weekly price range. A bullish order block was also observed in the $38 to $43 zone, aligning with the 0.382 and 0.5 Fibonacci retracement levels. According to Patel, buyers must defend these zones to reestablish bullish momentum and potentially aim for new highs. If the token achieves a breakout, he sees $150 as a feasible long-term price target under favorable conditions.

The technical setup carries a clear invalidation point. Patel cautioned that if HYPE closes below the 0.618 Fibonacci retracement at $34 on the weekly chart, it could trigger a broader bearish outlook and invalidate the current scenario.

Spot ETF data and trading flowsOn-chain analytics platform SoSoValue reported that the HYPE spot ETF recorded a net daily outflow of $1.02 million on July 23, reducing cumulative inflows by $299.62 million. Following this session, the ETF’s total net asset value stood at $294.15 million. No net flow was documented on July 22, maintaining cumulative funds at $300.64 million.

Additional daily net outflows occurred earlier in the week, with $698,040 withdrawn on July 21 and a notable $5.45 million outflow on July 17. The ETF’s trading flows suggested that investor appetite for HYPE may be weakening in the near term.

DateDaily Net FlowCumulative Net InflowsJuly 23$-1.02 million$299.62 millionJuly 22$0$300.64 millionJuly 21$-698,040$301.34 millionJuly 17$-5.45 million–Hyperliquid, which develops decentralized finance trading infrastructure, has seen increased attention in recent months following the introduction of its spot ETF. This product allows traditional investors to gain exposure to the HYPE token through regulated investment channels.

Mini dictionary: Spot ETF, or exchange traded fund, refers to an investment fund traded on exchanges, designed to track the price of an underlying asset. In the case of HYPE, this allows investors to invest in the token without directly purchasing or holding it.

Momentum indicators and outlookTechnical data from TradingView showed HYPE’s Relative Strength Index standing at 40.41, with its daily moving average at 44.49. Both readings kept RSI below the neutral 50 level, but above the oversold benchmark of 30, signaling a cautious mood among traders.

The Moving Average Convergence Divergence (MACD) metric also pointed to negative momentum. The MACD line registered at -1.785, lagging behind the signal line at -0.981. The histogram, measuring -0.804, confirmed the ongoing bearish trend in HYPE’s price movement for the short term.

The convergence of reduced spot ETF inflows, lower trading volume, and technical warning signals currently places HYPE at a pivotal point. Market participants are closely watching the identified support levels for cues on the token’s next move.

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.

The US State Department has introduced a new initiative, the Freedom Tech Excellence Program (FTEP), aiming to promote digital freedom around the world with Bitcoin as a central component.

Public-private partnership to address digital challengesThe program brings together a coalition of partners, including the Bitcoin Policy Institute, data analytics firm Palantir Technologies, defense technology company Anduril Industries, and the Victims of Communism Memorial Foundation. Together, these organizations will focus on combating online surveillance, strengthening encryption, ensuring responsible governance of emerging technologies, and defending free expression online.

According to FTEP’s official outline, its priority areas include protecting First Amendment rights in the digital era, fighting unlawful digital surveillance and online scams, advancing privacy tools such as robust encryption and VPNs, guiding the safe use of artificial intelligence, and improving safeguards for children and other vulnerable online users.

The inclusion of the Bitcoin Policy Institute, a nonprofit advocating for the use of Bitcoin and related technologies to achieve social freedom and resist censorship, reflects the department’s recognition of digital assets as potential tools against financial control in restrictive regimes.

Mini dictionary: Bitcoin Policy Institute, a research and advocacy organization dedicated to the exploration and promotion of Bitcoin as a tool for human rights, financial inclusion, and free expression in repressive environments.

Embedding expertise from the private sectorThe FTEP will deploy private sector professionals to the State Department for limited-term assignments. These embedded personnel will help guide US diplomatic efforts on various digital freedom issues, drawing on sector-specific expertise.

Palantir Technologies, one of the key partners, is known for its work in big data analytics for both government and private sectors, while Anduril Industries specializes in defense technology solutions. The Victims of Communism Memorial Foundation focuses on human rights advocacy, especially in nations experiencing authoritarian governance.

Bitcoin gains national strategic importanceSince taking office, President Trump has increasingly supported the digital asset sector, shaping regulatory approaches and bringing crypto-related elements into his administration. A significant milestone occurred in March 2025, when President Trump authorized an executive order establishing a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile for the US government.

These reserves were launched with approximately 200,000 Bitcoin, assets previously acquired through criminal and civil seizures. The administration positioned Bitcoin as a strategic national resource, comparable to the country’s holdings in gold, petroleum, and pharmaceuticals.

President Trump’s order placed Bitcoin among the United States’ strategic reserves, signaling a shift in its treatment from a speculative asset to a core component of national resilience infrastructure.

Asset ClassStrategic Reserve PurposeBitcoinDigital resilience, financial sovereigntyGoldMonetary stability, economic securityPetroleumEnergy security, strategic emergenciesPharmaceuticalsMedical preparedness, public healthThe US government’s moves underline a growing recognition of digital assets’ role in future economic and security strategies, while signaling to the global community the administration’s intention to support digital freedom and advanced technology as pillars of US diplomacy.

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.

Poolin Technology has filed for Chapter 11 bankruptcy protection, setting up an orderly wind-down and asset sale process tied to its West Texas mining operations.

The filing was made on July 22, 2026, in the US Bankruptcy Court for the District of New Jersey under Case No. 26-18325. Poolin Technology PTE. Ltd. and its US affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC, are listed in the case.

The filing details a $52 million stalking-horse bid from Thor CALAP LLC for the company’s Pyote and Tarbush mining sites in West Texas. Poolin’s prepetition liabilities stand at $173.1 million, including $163.7 million in unsecured IOUs owed to roughly 11,700 Poolin Wallet users after withdrawals were frozen in 2022.

That last detail is the real weight of the story.

This is not just a mining-asset sale. It is another reminder that the damage from the last cycle’s freezes, failures, and stranded user balances is still working through courts years later.

TL;DR Poolin Technology and affiliates filed for Chapter 11 on July 22. The case includes a proposed $52 million stalking-horse sale for West Texas mining sites. The company lists $163.7 million in unsecured IOUs owed to around 11,700 Poolin Wallet users. Poolin’s Mining Assets Are Only Part Of The Story Bitcoin mining bankruptcies are often discussed through the lens of equipment, energy costs, debt, and hashrate.

That makes sense. Mining is a capital-heavy business. Operators borrow money, buy machines, negotiate power, build facilities, and then hope Bitcoin prices, difficulty, and electricity costs line up well enough to keep margins alive.

But Poolin’s case has another layer.

The company’s liabilities include user IOUs from the Poolin Wallet withdrawal freeze. That makes the bankruptcy more personal than a normal mining-site restructuring. There are users who have been waiting since 2022 for access to funds or some form of recovery.

That changes the tone.

A $52 million asset sale may help create value for the estate, but it has to be measured against much larger liabilities. A bankruptcy process can organize claims and assets, but it rarely makes everyone whole when the gap is this large.

The Texas Sites Get A Floor Bid The stalking-horse bid is important because it creates a starting point for the sale.

In bankruptcy, a stalking-horse bidder sets a baseline offer for assets. Other bidders may come in higher, but the initial bid helps prevent a distressed sale from starting with no floor at all.

Here, Thor CALAP LLC’s $52 million bid relates to Poolin’s Pyote and Tarbush mining sites in West Texas.

Those assets may still have value because mining infrastructure is difficult to build. Power access, land, equipment, grid arrangements, and operating history can all matter, even when the company behind the assets is distressed.

Bitcoin mining sites can change hands and continue operating under new ownership if the economics make sense.

That is likely what creditors will be watching.

Can the sale price improve? Can the assets attract more bidders? Can the estate recover more value than the floor bid?

The User IOUs Remain The Hard Part The user liabilities are much harder.

Poolin Wallet users were left with unsecured IOUs after withdrawals were frozen. In bankruptcy terms, unsecured creditors often face the most uncertainty, especially when asset values are far below total claims.

That does not mean there will be no recovery. It means expectations need to be realistic.

A mining-asset sale can help, but the numbers show why this is not a simple fix. The estate has to deal with administrative costs, secured claims if any, sale processes, creditor priorities, and the broader balance of liabilities.

For users, the process may feel painfully slow because bankruptcy is not designed for speed. It is designed to sort claims, preserve value, and distribute proceeds according to legal priorities.

That can be frustrating when users have already waited years.

Bitcoin Mining Still Carries Cycle Risk Poolin’s filing also fits a broader pattern in Bitcoin mining.

Mining businesses can look strong in bull markets and become fragile very quickly when conditions change. A falling Bitcoin price, rising difficulty, higher energy costs, expensive debt, or poor treasury management can put pressure on even well-known operators.

The industry has professionalized, but it remains cyclical.

Public miners now talk more about energy strategy, high-performance computing, AI partnerships, debt discipline, and treasury management. That is partly because the old model of simply adding hashrate and hoping for higher BTC prices is not enough.

Poolin’s bankruptcy shows the other side of the sector.

Mining assets can survive, but corporate structures may fail. Facilities may be sold. Users and creditors may spend years waiting for recovery.

A Wind-Down, Not A Comeback Story The key point is not to frame this as a classic turnaround.

The filing indicates an orderly wind-down and asset liquidation process. That is different from a company restructuring around a new growth plan.

Poolin’s West Texas sites may find a buyer. Creditors may recover some value. The bankruptcy court may bring order to a messy situation. But the story is not really about Poolin returning as a stronger miner.

It is about resolving what is left.

For the broader crypto market, this is another post-cycle cleanup story. The names change, but the pattern is familiar: frozen user funds, distressed assets, legal claims, and a long wait for recovery.

Bitcoin mining may be entering a more mature energy and infrastructure phase, but older failures are still being unwound.

Poolin’s Chapter 11 case is one more example of that long tail.

This article is based on public bankruptcy case references for Poolin Technology PTE. Ltd. and related case-monitoring materials.

This article was written by the News Desk and edited by Samuel Rae.

An Australian craft brewery has found an unlikely use for its surplus rooftop solar power: running a small Bitcoin mining operation whose waste heat provides all the hot water needed to brew beer.

Hawkesbury Brewing Co claims to be the first brewery in the world to produce hot water for its brewing process using an integrated Bitcoin mine powered by rooftop solar. The NSW Central Coast business has submerged 16 $BTC miners in a tub of non-conductive liquid that heats to around 90 degrees Celsius. A heat exchanger then transfers that thermal energy into the brewery's incoming town water supply, according to ABC News.

A Practical Fix for a Real Business Problem The idea came from necessity. Owner Mr. Neale began exploring Bitcoin mining to avoid the fees charged for sending excess solar energy back into the grid. "It'd be nice to give it back to the grid and get paid handsomely for it but it doesn't happen," he said, "so we need to be able to use that power to then power the factory for the rest of the day."

Batteries were not an option either. "The big problem for us with having batteries is that there is alcohol on site. Flammability's always a problem. Insurance companies just don't like the fact that you're storing electricity," Mr. Neale said. Bitcoin mining offered a workable third path.

The rig runs exclusively on excess solar generation and earns roughly $2,000 a month, an amount that nearly covers the brewery's entire power bill. "We found there was enough heat coming off those miners to heat our incoming town water supply," Mr. Neale said. "Everything that we need to do with hot water is done via that process." The setup currently supports the production of 100,000 liters of beer a month.

Part of a Broader Trend in Mining Heat Recovery Most of the power consumed by Bitcoin mining turns into heat, and a growing number of operators are reusing that heat for applications like heating buildings, greenhouses, and public infrastructure rather than simply venting it. Other miners are using excess heat to power greenhouse operations, home heating, and jacuzzis. In Finland, MARA integrated Bitcoin mining into two existing district heating systems in less than 30 days.

Hawkesbury sees similar potential closer to home. "We can see the potential for this for public swimming pools, recirculation of hot water in apartment buildings, manufacturing," Mr. Neale said. "If you need hot water on site and lots of it, it's a way of being able to produce that hot water for the day."

One academic observer, Professor Foley, offered a cautious endorsement: "If they're able to earn some small amounts of bitcoin each day and then sell them and they can see that that's profitable, then I wouldn't see any restriction for other activities, whether it were other brewers or other people who need to generate heat through the day."

For Hawkesbury, the logic is simple. The heat has to go somewhere. Routing it into the brewing process turns a byproduct into a resource, cuts operating costs, and makes the solar installation work harder without adding infrastructure risk.

Sources:
Hawkesbury Brewing Co: Bitcoin and Brewing
Data Center Dynamics: Canaan pilot uses waste heat from Bitcoin mining to grow tomatoes
CNBC: Americans are heating their homes with bitcoin

Wall Street giant Morgan Stanley Bitcoin exchange-traded fund now has close to $400 million in assets under management — despite only launching in April. 

The NYSE Arca-listed fund, which is the first by a bank, got off to a roaring start when it debuted, bringing in over $33 million in fresh cash on its first day. 

Now, the fund has over $391 million in assets, demonstrating the popularity of the product. Many ETFs never reach $400 million in assets at all, let alone in one quarter.

Senior Bloomberg Intelligence ETF analyst Eric Balchunas revealed Friday that the product has been one of the most successful funds launched this year so far. 

This week alone, investors have thrown $15.7 million in new cash at the product, according to Farside Investors data. 

Morgan Stanley has been making big crypto moves for years now. Back in 2021, it started offering wealthy clients exposure to Bitcoin via funds such as those by Galaxy Digital.

And last year, the bank’s CEO and Chairman, Ted Pick, said that the bank was working with regulators to see how they could offer crypto safely.

Back in April, the bank’s head of digital assets, Amy Oldenburg said client education — not product design — is the central challenge facing Bitcoin adoption.

ETF action this week After weeks of outflows and sloppy price action, American Bitcoin ETFs have taken in fresh cash over the past seven days. 

Farside Investors shows the products have received a total of $274 million in new investment so far this week. 

The funds had been on a winning streak, receiving nearly $1 billion over seven days until Thursday, when every ETF experienced outflows — except for Morgan Stanley’s product. 

Bitcoin’s price was recently trading for $64,096, down over 1% over the past 24 hours. The cryptocurrency is virtually unmoved over a seven-day period. 

European asset management firm CoinShares last week said that while investors are back at putting fresh cash in Bitcoin ETFs, other factors may hold digital asset markets from going higher. 

“We see no significant upside potential from here,” James Butterfill, head of research at CoinShares, wrote.

Mathew Di Salvo

Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.

Capital Group’s SMALLCAP World Fund has added another 481,772 shares of Strive, Inc. to its books, bringing its total position to 2.93 million shares valued at roughly $33.62 million.

Strive trades on the Nasdaq under the ticker ASST.

What Strive actually does Strive, Inc. is the publicly traded parent of Strive Asset Management, and it operates what it calls the first asset management Bitcoin treasury company. In plain terms: it runs ETFs and other investment products like a conventional asset manager, but it measures its own performance against Bitcoin rather than a traditional equity benchmark. The treasury currently holds approximately 19,900 BTC.

Advertisement

Strive manages over $2 billion in assets across its fund lineup, which includes small-cap and fixed-income ETFs.

Strive Asset Management was founded in 2022, positioning itself against ESG-focused investing and framing shareholder value as the central mission. The pivot toward a Bitcoin treasury model culminated in a September 2025 merger with Asset Entities that created the current publicly traded structure.

The Capital Group filing, unpacked As of March 31, 2026, the SMALLCAP World Fund held approximately 2.45 million shares of ASST, representing roughly 3.88% of the company. Updated data from late April showed Capital Group entities collectively owned around 2.63 million shares. The most recent figure of 2.93 million reflects the latest round of buying.

The SMALLCAP World Fund is a global small-cap equity mutual fund from Capital Group with a long-term growth mandate. It is not a crypto fund, a Bitcoin fund, or a speculative vehicle.

Fidelity has also been cited among institutional backers of ASST, suggesting the company’s dual-model approach is finding acceptance beyond a narrow slice of crypto-native investors.

What this means for investors watching ASST Strive’s core bet is that it can accumulate Bitcoin per share faster than Bitcoin itself appreciates. The $2 billion in assets under management provides a real revenue base, but the math of sustaining a Bitcoin treasury strategy at scale depends heavily on both management fee income and capital markets access.

What to watch going forward: whether Capital Group’s ownership crosses the 5% threshold that triggers additional regulatory disclosure requirements, whether other large mutual fund complexes begin appearing in ASST’s institutional holder list, and whether Strive’s Bitcoin per share metric actually trends in the direction the company has promised.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Table of contents

Binance barely needed a full quarter to seize control of a new product category that most rivals barely saw coming. The exchange’s ETF perpetual contracts have now cleared more than $116 billion in cumulative trading volume since their March 2026 debut, pushing Binance’s market share in the segment to 74%, according to the original report. The number is more than a growth metric—it marks a structural quickening in how traditional financial instruments get absorbed by crypto-native infrastructure.

When the product launched, Binance held just 18% of the ETF perpetual market. The rapid share grab reflects both execution and the sheer volume of latent demand among crypto traders for familiar capital-market exposure without leaving the perpetual swap rails. In July alone, ETF perpetuals made up 19% of Binance’s entire TradFi perpetual trading volume. The exchange now lists 146 such pairs, with 35 added over the past month, spanning contracts that track SPY, QQQ, semiconductor ETFs, country-focused funds, and leveraged and inverse products.

What’s happening is not simply a new listing category. It’s a convergence that has been building since tokenized RWAs crossed $20 billion on-chain and institutional players started settling Treasury trades directly with crypto-native rails. The broader tokenization trend has made the leap from niche experiment to top-of-mind allocation for a class of traders who want the leverage mechanics of perpetuals attached to non-crypto underlyings. The ETF wrapper, already familiar to retail and institutional money alike, reduces the cognitive distance.

Market concentration above 70% in any derivatives category draws attention—both from competitors and from regulators. Binance captured share not because the field was empty, but because it moved quickly. Other major exchanges offer TradFi perpetuals, but few built the ETF-specific infrastructure, liquidity, and pair density that Binance rolled out across more than 140 contracts. In derivatives markets, the order-book depth and listing breadth often become self-reinforcing: liquidity begets liquidity. That dynamic makes it structurally difficult for challengers to claw back ground once a venue establishes early dominance.

That dominance will be watched closely as legislative pressure on hybrid crypto products intensifies. Mounting regulatory pressure on hybrid crypto products in Washington is already reshaping the conversation about what a compliant model looks like when exchanges start blending securities-like exposure with crypto-style margin and settlement. The ETF perpetual boom sits squarely in that gray zone.

What the volume shift says about user behavior The 19% contribution of ETF perpetuals to Binance’s overall TradFi perpetual volume in July is a signal that demand is not a novelty blip. Traders are clearly reallocating from traditional perpetual categories—forex, commodities, equity indices—toward the ETF format, likely because it bundles exposure, provides lower tracking friction, and fits into existing risk systems that already understand ETFs. The fact that 35 new pairs were added in the past month suggests Binance sees the product as elastic: demand expands as the available menu grows.

Crypto-native users, accustomed to perpetual swaps on tokens, don’t need to learn a new venue or settlement process to trade QQQ or a leveraged semiconductor ETF. That familiarity lowers the switching cost that typically protects incumbent broker-dealers. Growing institutional staking demand elsewhere in the market has shown that mainstream capital is increasingly comfortable with crypto-native mechanics; the ETF perpetual product extends that comfort to a much wider asset universe.

What remains uncertain The sustainability of a 74% market share is far from guaranteed. Competitors who misjudged the speed of adoption are now building out their own ETF perpetual suites, and if volume continues to grow, the pie will attract more aggressive market makers and possibly pressure on fees. Binance itself has not disclosed how much of the $116 billion volume is organic versus wash-trading or incentive-driven, and the report offers no breakdown of unique traders. In the absence of granular data, the headline number remains impressive but incomplete.

Regulatory risk adds another variable. The same framework debates that surround crypto ETFs and tokenized securities apply to the perpetual wrapper. Whether regulators eventually deem ETF perpetuals as security-based swaps or something else will determine the compliance burden, and any adverse classification could reshape the market structure overnight. For now, the numbers show that the appetite for bridging TradFi and crypto-native execution is deep and, at least for one exchange, highly concentrated.

AUTHOR

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

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.

This site is protected by reCAPTCHA.

Bitcoin lost roughly 14% of its value in the second quarter of 2026. And somehow, that might be the most bullish signal the market has produced all year.

Ark Invest’s newly released “Bitcoin Quarterly: Q2 2026” report shows that Bitcoin’s one-year realized volatility ended the quarter near 42%, hovering around multi-year lows. The asset closed Q2 at approximately $58,544, well below the short-term holder realized price of roughly $70,327. Yet volatility barely flinched.

The sell-off that wasn’t a sell-off Ark Invest describes what occurred as “orderly, not panic-driven, selling.” Realized volatility measures how much an asset’s price actually moved over a given period, as opposed to implied volatility, which measures how much traders expect it to move. When realized volatility stays flat during a meaningful drawdown, it suggests the selling pressure was distributed and measured rather than concentrated in a few chaotic sessions.

Advertisement

For context, Bitcoin’s realized volatility has historically spiked well above 80% during sharp corrections. Sitting at 42% while absorbing a double-digit percentage decline represents a fundamentally different market structure than what existed even two or three years ago.

Long-term holders are not going anywhere Long-term holder supply hit an all-time high of approximately 14.85 million BTC during Q2. Bitcoin’s total supply is capped at 21 million, and roughly 19.7 million have been mined so far. When nearly 14.85 million of those coins are sitting in wallets that haven’t moved them in a long time, that leaves a relatively thin layer of supply available for active trading.

Bitcoin dropped to $58,544, which sits meaningfully below the short-term holder realized price of about $70,327. That means the average short-term buyer is currently underwater by a significant margin.

ETF outflows paint a complicated picture US spot Bitcoin ETFs experienced net outflows of approximately 71,000 BTC over seven consecutive weeks during the quarter. To put it in perspective, 71,000 BTC at Q2’s closing price represents over $4 billion in value walking out the door.

The fact that volatility remained suppressed even as ETFs shed tens of thousands of coins suggests the broader market absorbed those sales without a significant disruption.

What this means for investors For institutional investors who have been sitting on the sidelines citing volatility risk, this data point matters enormously. Many pension funds, endowments, and insurance companies operate under risk management frameworks that effectively prohibited Bitcoin allocation when realized volatility routinely exceeded 70% or 80%. At 42%, Bitcoin starts to look less like a rodeo bull and more like a slightly aggressive equity position.

The ETF outflow trend is the variable worth watching most closely heading into Q3. If redemptions continue at pace while volatility stays compressed, it could signal a slow grind lower in price. But if outflows reverse, the combination of low volatility, thinning available supply, and renewed institutional demand could set the stage for a significant move higher.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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.

This site is protected by reCAPTCHA.

John Deaton has run for US Senate against Elizabeth Warren. He’s also, by his own account, more likely to be recognized for something else entirely. Deaton says his path into the XRP world began the way it does for a lot of people, with Bitcoin first, then a slow slide down the rabbit hole into other coins. 

He ended up holding Bitcoin, Ethereum, and XRP, drawn in part by how quickly XRP transactions settled. “It showed up in three seconds,” he said, describing his own reaction the first time he sent it.

The story that pulled him deeper into advocacy started closer to home. When his daughter turned 18, he handed her $15,000 in birthday money that had accumulated since she was born. Deaton says his daughter bought Bitcoin, Ethereum, and XRP using birthday money, splitting $10,000 into Bitcoin and $2,500 each into Ethereum and XRP, entirely on her own judgment.

Why He Filed the Case

When the SEC sued Ripple and argued that XRP itself was an unregistered security, Deaton says he thought immediately of people like his daughter. “My daughter never heard of Brad Garlinghouse,” he said. “She wouldn’t have any idea. She didn’t buy XRP because she was relying on the efforts of Ripple.”

That distinction became the foundation of his legal argument, and he filed a motion representing everyday XRP holders who had no relationship with Ripple at all. Deaton’s legal effort later grew to include 75,000 XRP holders around the world. Those XRP holders came from 143 different countries, spanning Ukraine to Russia, two nations at war with each other, yet both represented among the case’s supporters.

Deaton says he never spoke with Brad Garlinghouse directly before filing, and some in the crypto world initially assumed Ripple was paying him. “No lawyer would do this for free,” he recalled people saying, though he insists that wasn’t the case. His motivation, he says, was simpler: frustration that the government was making a claim it had never made before, treating the token itself as a security rather than the investment contracts tied to its sale.

A Ruling That Cited His Work

The effort ultimately became part of the legal record. The judge directly cited the amicus brief in her final ruling on the whole case, referencing both the brief and affidavits from XRP holders in her decision that XRP itself is not a security.

Deaton says the case is now taught in law schools as an example of decentralized legal advocacy, and he remains proud of what a single filing turned into. “One person inspires a few people, inspires thousands of people, and you can make a difference,” he said.

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.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Read the Next News

Kansas-based asset management firm Leisure Capital Management has disclosed a stake in the Franklin Templeton XRP Trust ETF (XRPZ), reflecting the growing presence of institutional investors in the XRP market.

New SEC filings show steady rise in XRP ETF holdingsLeisure Capital Management, headquartered in Overland Park, submitted a regulatory filing to the U.S. Securities and Exchange Commission confirming it held 16,745 shares of Franklin XRP Trust ETF at the end of the second quarter. The position, valued at approximately $206,000 as of June 30, offers further evidence of institutional participation in XRP-related products.

This holding joins a portfolio that also includes shares in leading technology companies such as Apple, Microsoft, Nvidia, and Amazon, as well as a range of equities, bonds, and exchange-traded funds. Leisure Capital Management provides portfolio management services for both individual and institutional clients.

Although the size of the XRP ETF investment is relatively modest compared to the firm’s other holdings, it is notable within the context of traditional asset managers gradually increasing their exposure to digital assets.

Leisure Capital Management’s 13F disclosure signals that XRP is becoming more widely accepted in mainstream investment circles, following increased adoption among several traditional funds.

Competing investment firms reveal larger XRP ETF positionsSeveral other U.S. wealth management and advisory firms have recently reported substantial XRP ETF positions. Realta Investment Advisors, another firm serving individual and institutional clients, disclosed more than $260 million in holdings in the REX-Osprey XRP ETF earlier in July. Vista Finance declared a position of 129,958 shares in the Franklin XRP Trust ETF, valued at roughly $11.45 million.

Brookstone Capital Management reported a $71 million stake in XRP-related exchange-traded funds, while CPR Investments revealed it holds $363,000 worth of ProShares Ultra XRP ETF shares.

InstitutionXRP ETF/TrustValue of PositionLeisure Capital ManagementFranklin XRP Trust ETF$206,000Vista FinanceFranklin XRP Trust ETF$11.45 millionBrookstone Capital ManagementXRP ETF (undisclosed)$71 millionCPR InvestmentsProShares Ultra XRP ETF$363,000Realta Investment AdvisorsREX-Osprey XRP ETF$260 millionInstitutional activity in XRP has also extended outside of ETF products. Galaxy Digital, Arrington Capital, The Private Shares Fund, and GAM Alternatives Lux recently agreed to acquire about $130 million worth of private shares in Ripple Labs. The transaction resulted from bankruptcy proceedings involving Linqto, a digital investment platform.

Ripple Labs is a technology company known for developing solutions for cross-border payments and powering the XRP Ledger, the blockchain network that supports the XRP digital asset.

Mini dictionary: Linqto, a fintech company that provides accredited investors access to shares in leading private companies, entered bankruptcy proceedings, presenting institutions with opportunities to acquire equity stakes in firms such as Ripple Labs.

Regulatory clarity and mainstream acceptanceXRP faced regulatory scrutiny in recent years as the U.S. SEC considered whether the asset constituted a security. Legal proceedings ultimately resulted in a favorable outcome for Ripple Labs, paving the way for broader institutional engagement.

ETF structures allow traditional investors to access XRP through familiar financial vehicles, simplifying compliance and operational processes. The latest wave of 13F filings indicates that asset managers are increasingly comfortable including XRP in their clients’ portfolios.

ETF adoption enables institutions to manage exposure to XRP with similar strategies used for conventional securities, indicating a shift in the perception and accessibility of crypto assets in established financial markets.

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.

A previously overlooked 2019 transcript of Ripple CEO Brad Garlinghouse’s appearance at the Economic Club of New York has come back into focus, resurfaced by cryptocurrency researcher SMQKE. The document details Garlinghouse’s comparison of XRP’s transaction speed and volatility risks versus traditional SWIFT payments at a time when SWIFT is updating its own infrastructure.

SWIFT pilots new blockchain ledgerSWIFT, a global financial messaging service used by over 11,500 financial institutions, recently announced the launch of a blockchain-based shared ledger. Seventeen international banks are preparing to test tokenized cross-border payments on this new system.

The new ledger has been positioned as a natural extension of SWIFT’s current network. It will allow for 24/7 payments processing, permitting member banks to settle outside of traditional business hours and finalize payments through established clearing systems after initial transaction completion.

This move comes amid a broader industry push to increase payment speeds and reduce exposure to currency volatility during the settlement process.

Mini dictionary: SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is the leading provider of secure financial messaging services and infrastructure enabling cross-border payments among banks worldwide.

Ripple CEO outlines XRP’s risk advantageIn his 2019 remarks, Garlinghouse addressed concerns from bankers regarding the volatility of cryptocurrencies. He used a direct comparison: a typical SWIFT transaction takes three days—about 270,000 seconds—while an average XRP transfer settles in just three to four seconds.

Garlinghouse argued that although digital assets like XRP may experience higher daily volatility, the limited exposure window dramatically reduces aggregate risk.

“When you do a SWIFT transaction, the average transaction, let’s just say, is three days. That’s 270,000 seconds. If you multiply 270,000 seconds in a low volatility asset and compare it to three seconds in a high volatility asset, you find that the total volatility risk in XRP is actually lower,” explained Garlinghouse.

This perspective directly challenges a common objection from traditional banks that see cryptocurrency volatility as an insurmountable issue in payment settlements.

The role of hedging and settlement windowsIn conventional cross-border payments, the weeks-long settlement period exposes parties to exchange rate fluctuations. Banks typically hedge this risk, buying and selling currencies upfront or via derivatives in case of sharp market movements.

Garlinghouse maintained that with XRP’s rapid settlement, this hedging becomes unnecessary. “With XRP, it’s happening so fast you don’t really need to hedge because you’re in and out of it in a few seconds,” he told the audience during his 2019 appearance.

This argument is gaining renewed relevance, as SWIFT’s new blockchain-based ledger also seeks to reduce settlement intervals and align the service with competitors focusing on rapid transactions.

Industry context and ongoing debateSMQKE’s resurfacing of Garlinghouse’s arguments comes as the debate around speed, cost, and risk in international payments intensifies. While SWIFT’s blockchain initiative marks significant progress for traditional finance, proponents of XRP emphasize that Ripple’s network was built from inception to enable near-instant settlements.

The fundamental distinction remains the exposure duration: seconds in networks like XRP compared with hours or days over traditional payments rails. This, Garlinghouse claims, offers an inherent advantage for managing volatility risk in cross-border transfers.

Even as new blockchain-based financial infrastructure emerges, the case for XRP’s rapid settlement and lower volatility risk continues to echo in industry conversations.

Ripple, founded in 2012 and headquartered in San Francisco, is a technology company that offers blockchain-based payment solutions using the XRP Ledger. Brad Garlinghouse has served as its CEO since 2016.

NetworkAverage Settlement TimeVolatility Exposure WindowHedging NeededTraditional SWIFTThree days (270,000 sec)HighYesXRP Ledger3–4 secondsLowNoSWIFT Blockchain Ledger (Pilot)Near real-time (undisclosed sec)Lower than traditionalReducedDisclaimer: 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.

Since February, Ethereum has been ‘cheap’ after the price slipped below its overall cost basis of $2.3K. This means more holders are at a loss, which reduces selling pressure and downside risks.  

However, crypto analytic firm CryptoQuant cautioned that a durable bottom could still be elusive in the medium term. According to the firm, the final market cycle bottom could happen if ETH tags $1.15K, citing a 2022 pattern based on the Realized Price Bands metric.

Source: CryptoQuant During the 2022 bear market cycle, the altcoin marked a true bottom after hitting the lower band of the metric (dotted green line).

Assuming the projection turns positive, it implies the durable ETH bottom could be feasible if it drops 38% from the press time value of $1,885.  

There were three other signals relative to Bitcoin that showed ETH was still far from hitting its final floor price. 

Ethereum: 3 signals show ETH has not bottomed out First, the relative selling pressure on ETH based on the ETH/BTC Exchange Inflows Ratio was only halfway to the level that marked the prior market bottom (green zone). 

As of writing, the metric reading was at 0.8 while it dropped to 0.4 during the 2020 and 2025 bottoms. 

Source: CryptoQuant  Secondly, another valuation metric, the ETH/BTC MVRV, is also halfway from hitting the bottom levels seen in the 2020 cycle and the 2025 local market bottoms. 

In the two periods, ETH reversed after slipping to 0.025 oversold territory (green). As of writing, the metric was slightly above 0.05, implying it is still far from flagging the past market bottom signal. 

Source: CryptoQuant Similarly, relative ETH/BTC ETF holdings turned positive in H2 for the first time since last year. Although the ETF demand was improving, it didn’t drop to the levels seen in 2025.

Overall, only spot volumes and Ethereum [ETH] realized price bands showed the altcoin was undervalued and close to past bottom territories. CryptoQuant concluded, 

But MVRV and exchange inflows are not yet at the extremes that have historically confirmed a floor. So a final bottom, and the ETH outperformance that would follow, may still take more time to form.

That said, with over 41 million ETH supply in loss, nearly a similar amount has been staked, marking a record 33% staking ratio. Whether the strong staking demand will further lower downside risk remains to be seen.

Source: Bitwise  Final Summary Three key metrics showed that ETH may be far from a durable bottom despite being cheap below $2K.  Staking demand hit a record high in 2026 with over 40M ETH currently staked and over 2.5M ETH on the waiting list. 

Subscribe to Bankless or sign in

Real world assets, or RWAs, have been the big onchain sensation this year, as billions of dollars have started flowing through tokenized stocks, tokenized treasuries, tokenized gold, etc.

Yet there are cultural RWAs, too, like tokenized Pokémon cards, lifted up by the rising tide of gacha platforms like Collector Crypt, Phygitals, and Monster where users can pay to randomly pull choice cards (which are vaulted IRL but represented by NFTs onchain).

However, RWAs feel like the terrain of institutions and suits. And Pokémon gachas and the like have significant offchain dependencies. So what about something funner, something more crypto, perhaps a fully onchain gacha that's native to Ethereum and true to its culture?

Here, cue in Fake World Assets.

TokenWorks, a self-funded duo (h/t Adam and Teto), has built some of the most creative NFT projects in recent years like PunkStrategy, Ten Thousand Tokens, and FundingWorks. Their latest experiment is Fake World Assets, which is a rather elegantly designed onchain NFT gacha protocol.

It might sound silly at first, as Ethereum NFTs have been declared dead 1000s of times already, so how cool can this new project possibly be? Very cool, at least if the early traction here is any indication.

Indeed, FWA's contracts are among the most active on Ethereum right now. Since its official (re)launch on July 20th, the protocol has facilitated ~90,000 transactions, ~35,000 purchases, and ~2,000 ETH in volume so far. If FWA was listed on DefiLlama, it would've appeared in the top 20 revenue generators in all of crypto yesterday.

its gonna be sooo embarrassing when the team of two at TokenWorks with 0 VC funding saves Ethereum and laps everyone

— Adam (@Rhynotic) July 23, 2026 I can attest that the early interest isn't just a gimmick either, as FWA has a legitimately novel protocol design and a unique go-to-market strategy, the latter of which some people are already affectionately calling "loss-to-earn" because of how the project's $FWA rewards loop works.

Plus, it's just fun to put in a small amount of ETH for a pull and a chance at winning a legendary NFT like a CryptoPunk. Users stock this gacha themselves with their own NFT deposits, so the prizes are arbitrary and will fluctuate, but for instance at the moment the biggest prize possible is a CryptoPunk backed by 66 ETH.

The odds of you getting that 'Punk on any given pull are super small, and those odds are determined by the ETH backing supplied by the 'Punk's depositor (and by the rest of the NFTs and ETH in the pool at that time). The more ETH supplied, the lower an NFT's selection weight will be. But if you were to win that 'Punk, you couldn't keep the ETH and the 66 ETH backing. You'd have four options:

Keep the NFT and do whatever you want with it, e.g. hold it, borrow against it on Gondi, relist it on OpenSea, etc. Auto-relist the NFT into the FWA protocol as your own deposit. In the hypothetical that you won a 'Punk, this route would only make sense if you're willing to risk a hearty ETH backing (if you go too low, the 'Punk will get pulled quickly) and the 'Punk itself (as someone could win it from you next). Depositors earn ETH and $FWA rewards, so there's an interesting risk/reward dynamic to consider. Accept 85% of the ETH backing instead of the NFT. So in the case of the 'Punk backed by 66 ETH, you could opt to keep 56.1 ETH to do what you want with, which in turn would send the 'Punk back to its original depositor. Accept the 85% payout in the $FWA token instead of ETH, so for example in our top prize scenario, this would mean slamming 56.1 ETH straight into $FWA. According to the FWA Pulse tracker dashboard by Priyeshu, 78% of user settlements are currently taking the fourth option, the $FWA payout. Why? For the first 15 days of FWA while $FWA bootstrapping emissions are live (i.e. 1% to depositors, 1% to purchasers per day until Aug. 4th), all external buys are disabled, so the only way to acquire $FWA right now is by actually using the gacha.

Hence, the "loss to earn" moniker. Even if you don't get a great pull, you have the consolation of a $FWA payout, and if $FWA performs well going forward, you'll have earned back what you spent on a bad pull and maybe then some.

And of course, you can choose $FWA on good pulls as well. One of my coolest pulls so far was a slick CrypToadz, which I was tempted to keep, but I went for the $FWA route to add to my stack while things are early. This is the dominant strategy we're seeing in the emissions phase, and full disclosure, it's what I've been doing so far besides an ETH claim here and there.

So with all that general context out of the way, let's say you're curious to try FWA but you're approaching this as a total beginner that's been out of the loop. You've got two main avenues to participate, namely either as a purchaser or as a depositor (or as both).

Purchasing is simple enough, you'd just need ETH. The average pull price over time is presently 0.0568 ETH, but that's been trending up as the FWA pool has swelled with fatter deposits, such that a pull this instant would set you back 0.1082 ETH. Per the docs, this price isn't fixed but fluctuates constantly depending on the protocol's estimation of the "average value of the position you might receive."

If you do decide to make a pull, randomness derived through Chainlink VRF will determine what you win. And since deposits are arbitrary, the rarity tiers will ebb and flow. For instance, today it's actually more likely to win a "Rare" NFT (22% odds) than an "Uncommon" NFT (17.4%) on FWA just because people are starting to pile in with higher ETH backings. These percentages won't look exactly the same tonight, or tomorrow, and so on.

Enjoying this article?

Subscribe to Bankless or sign in

Then once your pull is in (it will take at least 6 Ethereum blocks to reveal), you'll face the four options I mentioned earlier: keep the NFT, auto-relist the NFT, accept the ETH payout, or accept an $FWA payout instead.

Just know the risk, i.e. you might spend 0.1 ETH on a pull and, in light of the odds, get a "Common" NFT backed by 0.04 ETH. The NFT isn't sexy, and you'd be down on ETH, so the $FWA payout would be your main consolation. Also, during the emissions phase 1% of the $FWA supply is split every 24 hours across all successful pulls (claimable once the day rolls over), so this would be another small consolation.

As for depositing, it's straightforward too if you'd prefer to operate as the house. FWA supports 48 NFT collections and counting, with the cheapest entry point being Ten Thousand Tokens, which have a floor of ~0.05 ETH on OpenSea right now. So if you have any of the supported NFTs, you could just go to the FWA Deposit page, pick your desired NFT and backing amount, and fire it in.

Every pull's purchase fee, minus the protocol's cut, gets split equally across all active listings, so your deposited NFT will earn ETH on every spin anyone makes, plus a share of depositor-side emissions through Aug. 4th.

Each day for the first 15 days, 1% of the FWA token supply is distributed to purchasers and another 1% to depositors.

Depositors can claim at any time, whereas purchasers can claim after the day is over.

Day 3. pic.twitter.com/4UADXQc0PA

— TokenWorks™ (@token_works) July 23, 2026 These rewards were very juicy in the first few days of FWA when there were only a few hundred NFTs in the pool, but now that there are nearly 2,000 NFTs deposited, the rewards have thinned some according to the wider distributions, so that's just something to keep in mind.

Your main consideration here is backing amount. If you back your NFT with a small amount of ETH, like 0.04 ETH, its position weighting will lead to it being pulled very quickly, which will minimize the amount of time that you're in the pool and earning rewards. If you back your deposit with a lot of ETH, e.g. 1 ETH, it will stay in the pool earning much longer.

In other words, a deposit is a two-sided quote on your own NFT. Your backing sets your selection odds and serves as an irrevocable standing bid, so you need to be at peace with both sides of the trade.

If a winner keeps your NFT, your backing will be returned and your compensation is whatever fees and emissions you accrued while it sat in the pool. If a winner cashes out against your bid instead, your NFT returns to you and the 85% payout comes out of your backing. The idea, then, is to place your backing at a number where neither outcome would upset you.

Plus, keep in mind that there are no guarantees here with regard to duration. The main risk for depositors is that randomness can select your NFT far earlier than its weighted average suggests, in turn ending its earnings before it went into the green.

5/ Why deposit?

Each successful pull distributes ETH fees across the active listings, so an NFT can earn while it sits in the pool.

The EV on this is roughly neutral, but it also comes with $fwa token emissions, and of course a gambling angle (you could end up EV+ or EV-)

— Quit (@0xQuit) July 22, 2026 What comes next then? External $FWA buys being activated will be a big thread to watch, plus keep an eye on what happens when the initial 15-day $FWA emissions end, after which $FWA buybacks are slated to be split across depositors, purchasers, and token burns. This design suggests the flywheel can keep spinning even after the inaugural incentives end.

It will also be interesting to see how the protocol itself evolves from here. Jack Butcher just released an entirely new collection into FWA's gacha, so expect more drops like this to come. Maybe this protocol becomes permissionless and the new NFT launchpad? Whatever happens, it's going to expand, and in turn it will inspire new spinoffs. For example, I've already seen growing chatter for an FWA-style stock token gacha on Robinhood Chain.

Theoretically, FWA can scale up to supporting millions of deposits, and TokenWorks is exploring adding support for assets beyond NFTs, presumably starting with Ethereum ERC-20 tokens and then beyond, so this is undoubtedly only the beginning for this project.

In any case, the vibes are good. FWA feels like an old school DeFi yield farm, though to approach it as just a farm is a mistake. Most fundamentally, it's a prime example of how you can build an entire business atop a Uniswap V4 hook, as path.eth has aptly noted, and in a non-stodgy way.

Ultimately people on Ethereum are having fun onchain again. They're sweeping NFTs again to buy more NFTs. They're discussing, and strategizing, and thinking up new creative possibilities. It's a heartening surge, to be sure, so let's see where things go with FWA from here.

Fake World Assets could single-handedly bring attention back to NFTs

— seedphrase (@seedphrase) July 22, 2026

Some traders still see a rally toward $2,000 as a potential bull trap before ETH makes one final move lower.

Pseudonymous crypto trader NoName says Ethereum has just crossed into the price zone where its bear market has historically bottomed, pointing to four straight lower highs as proof the downtrend has run its course.

The trader, who is buying through the dip with a long-term target of $7,000, argues that the same crowd psychology that made ETH everyone’s favorite trade at $4,900 is now working against it below $2,000.

Mapping Out the Bottom Zone In a post shared Friday, NoName laid out Ethereum’s decline through four descending peaks: $4,957, then $3,400, then $2,460, then $1,950, calling it a textbook downtrend. Each top landed lower than the one before it, and the trader said that sequence has now pushed price into the $1,300 to $1,900 range, the zone treated as the eventual floor.

The reasoning is less technical than psychological, with the analyst noting that ETH at $4,900 was a favorite while ETH under $2,000 gets called a dead chain, even though nothing about the network changed. “That’s not logic, that’s psychology, and psychology marks bottoms,” NoName wrote, adding that the climb back up will likely be rough.

Other signals moved the same day, including a bullish crossover in ETH’s MVRV ratio against its 160-day moving average as pointed out by chartist Ali Martinez. That setup has come right before several major recoveries in the past by marking the end of distribution phases.

Meanwhile, Arab Chain reported that Ethereum’s 30-day funding rate average on Binance climbed roughly 0.00339, its highest reading in six months, with ETH trading near $1,920 at the time, a sign of improving sentiment though not yet at levels tied to past corrections.

The world’s second-largest cryptocurrency was itself changing hands just below $1,900 at the time of writing, per CoinGecko data, up close to 12% over the past month but still 62% below the $4,946 all-time high it hit last August. The token slipped from a seven-week high near $1,950 earlier this week and needs to reclaim $2,000 to build any further push.

You may also like: Ethereum (ETH) Is Cheap, But Not at Bottom Yet: Analysts Ethereum’s Next Leg Higher? Historic Indicator and Whale Activity Align Franklin Templeton Exec Calls Agentic AI Crypto’s ‘Killer Use Case’ as ETH Nears $2K Not Everyone Is Convinced the Bottom Is In CryptoQuant struck a more cautious note on Thursday, noting that ETH was trading roughly 17% below its realized price but that only two of five bottom-signal metrics it tracks have reached historical extremes. “Capitulation is still missing,” the platform said.

Whale buying has continued regardless. Lookonchain tracked a wallet purchasing 27,000 ETH worth $52 million through Galaxy Digital’s OTC desk, and Arthur Hayes, whose BitMEX exchange recently announced it will be shutting down in September, added another 644 ETH, bringing his total over eight days to 3,270 ETH.

At the same time, spot Ethereum ETFs have pulled in over $408 million this month, and Kalshi traders are pricing ETH near $3,200 by year’s end.

But not every path lines up with NoName’s. Analyst Nonzee expects one more rally toward $2,000, or $2,200 if Bitcoin climbs to $70,000, but calls that level a bull trap rather than a real breakout, with a drop toward $900 to $1,300 still likely first. His long-term target, though, lands in the same place as NoName’s: $7,000.

Tags:

Ethereum, the second-largest cryptocurrency, spent most of 2026 under pressure amid the broader market downturn. Its market capitalization stood at roughly $230 billion.

ETH reached an all-time high of $4,953 on the 24th of August 2025. It has since fallen to $1,888, representing an approximately 62% decline from its record high.

Separately, ETH remained down 36% on a year-to-date basis.

Despite the token’s troubled run, activity across the Ethereum network continued expanding.

Alphractal data showed that Daily Transactions remained above 2.5 million during most of the recent period. The network processed 2.56 million transactions at press time.

By comparison, Daily Transactions remained below 1.5 million during much of last year.

Even when Ethereum reached its all-time high in August, the network processed approximately 1.6 million transactions daily.

Source: Alphractal Alphractal’s João Wedson, speaking on the development, pointed to those fundamentals as the core reason Ethereum trades well below fair value. He noted,

You may be bearish on the price, but you cannot be bearish on the fundamentals and the actual adoption of the blockchain.

Wedson expects the same fundamentals to drive Ethereum’s outperformance in the coming market cycle, a move he sees playing out over the “next two to three years.”

Is more capital entering Ethereum? A closer look shows Ethereum still drawing capital into its ecosystem, even with the token’s weak showing in the market.

DeFiLlama data shows the blockchain’s total value locked climbing as investors commit capital to the network. Between 1 July and now, TVL has absorbed $4.92 billion in fresh locked capital.

Capital lock-ups on that scale usually reflect long-term optimism on price performance, with the same group also earning the APY on offer.

Source: Artemis Daily Active Users have surged alongside the inflows, pointing to higher on-chain activity and reinforcing Ethereum’s role as the settlement layer for most transactions on the chain. Artemis reported the latest daily active user count reaching 581,000, one of the highest readings since late June.

Continued growth across Daily Transactions, TVL, and Daily Active Users could strengthen Ethereum’s underlying demand.

Validator conviction adds to the outlook AMBCrypto reported recently how zero exit queues from Ethereum validators could be another factor allowing the asset to swing higher.

Validators are holding their ETH on the network, a decision usually tied to a long-term view. The behaviour breaks from the pattern seen when the market crash peaked, when the validator exit queue held roughly 2.6 million ETH and carried a 44-day wait.

Adding weight to the shift, the number of validators looking to commit tokens to the blockchain has jumped to roughly 2.52 million ETH, with a 43-day waiting period.

Final Summary Ethereum’s rising network activity contrasted sharply with ETH’s 36% year-to-date decline. Validator demand strengthened as Ethereum’s Exit Queue fell close to zero.

Bitcoin held steady despite a sharp selloff in technology stocks triggered by weaker-than-expected corporate earnings.

Notable Statistics:

Coinglass data shows 83,203 traders were liquidated in the past 24 hours for $301.33 million.        SoSoValue data shows net outflows of $225.2 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net inflows of $26.3 million. In the past 24 hours, top gainers include DeXe, Audiera and LayerZero. Notable Developments:

Trader Notes:

Trader Crypto Kaleo remains confident that Bitcoin has one final leg lower before the bear market bottom is in, though the decline could come either by mid-to-late August or sooner.

He believes the market is nearing its bottom from a timing perspective and recommend keeping capital ready to accumulate high-conviction assets.

Meanwhile, he does not expecting Bitcoin to reclaim $100,000 or set new all-time highs until 2027.

Trader KillaXBT argues that Bitcoin’s market cycle has accelerated, pointing out that it reached a new all-time high before the last halving and did so just 476 days after the cycle bottom, much faster than in prior cycles.

He expects the same pattern to repeat, with a pre-halving all-time high, faster bottoms and tops, and caution against relying too heavily on historical seasonality, which he believes has already begun to diverge.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.