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Tokenized equities on Solana have reached a new milestone with lending market activity hitting a weekly all-time high of $51.9 million, according to data from SolanaFloor. Kamino and Jupiter Exchange are key platforms contributing to this surge, with over $31 million and $20 million respectively. This development reflects growing interest and usage of tokenized equities within the Solana ecosystem, suggesting increased collateral use and participation in onchain credit markets. Recent records in the overall Solana tokenized equity market, including a significant $535 million in total outstanding value, further highlight the ecosystem’s expanding reach.

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Key Takeaways Solana’s tokenized equities have achieved a weekly record of $51.9 million in lending markets, suggesting increased engagement. Kamino and Jupiter Exchange are the primary platforms driving this growth, with significant contributions to the weekly total. The broader Solana tokenized equity market has also shown substantial growth, with a total outstanding value peaking at $535 million. What to Watch Markets are closely monitoring whether the increased activity in tokenized equities on Solana will influence its price trajectory. Key developments such as potential ETF inflows, regulatory changes, and ecosystem upgrades could impact the likelihood of Solana reaching higher price targets. Observers are particularly attentive to whether these dynamics align with scenarios where Solana achieves or exceeds the $90 price level by the end of July. Further announcements from Solana Labs or shifts in regulatory stances may provide additional indicators.

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Term Structure

Contract Odds Δ since publish Volume 24h August 1 2026 8% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.4% — — View market → August 1 2026 1.6% — — View market → August 1 2026 0.4% — — View market → August 1 2026 2.6% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.6% — — View market → August 1 2026 0.1% — — View market → August 1 2026 22% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →

Binance, one of the largest cryptocurrency exchanges, has attracted attention with its high volume of Bitcoin (BTC) withdrawals in the last 24 hours. According to an analysis published by the on-chain analytics company Ruga Research, a total of 9,030 BTC, worth approximately $589 million, was withdrawn from Binance in the last day. This figure marks the largest daily Bitcoin outflow from the exchange in the last five months.

Analysts note that large Bitcoin withdrawals from centralized exchanges often indicate that investors are moving their assets to personal wallets for long-term storage. While this could be a positive signal that short-term selling pressure may lessen, it is not considered sufficient on its own to determine the market’s direction.

Ruga Research focused not only on stock market outflows but also on Bitcoin’s technical outlook. According to the company’s analysis, Bitcoin’s 30-day momentum indicator has recovered significantly recently. Previously at -21%, the indicator has risen back to 0%. The research firm noted that similar recoveries have led to upward price movements several times in the past year.

The report specifically highlighted the noteworthy timing of the recent major Bitcoin sell-off. According to Ruga Research, while similar-sized sell-offs in the past have mostly followed sharp price increases, the fact that this time the sell-off occurred during a period when price momentum was beginning to strengthen again may indicate a different dynamic in the market.

Experts say that investors should not evaluate such on-chain data in isolation, and that analyzing it in conjunction with macroeconomic developments, ETF fund flows, and institutional investor behavior will yield healthier results.

However, large-scale Bitcoin withdrawals have historically been known to contribute to a decrease in supply from exchanges, which in the long run has had a supportive effect on the price.

While analysts say it’s too early to interpret the latest data as a definitive bullish signal, they note that the high-volume rallies accompanying the recovery in momentum are an important indicator that market participants should closely monitor in the coming period.

*This is not investment advice.

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Lido DAO [LDO] maintained an ascending channel over the past month. After three days of weakness, the altcoin recovered and resumed its upward move.

LDO held the $0.35 support level and reached a two-month high of $0.40. At press time, LDO traded near $0.39 after gaining 13% over 24 hours.

Meanwhile, Trading Volume surged 108% to $61.1 million. Market Capitalization also increased 13%, returning LDO to the top 100.

Rising Trading Volume and Market Capitalization indicated stronger participation and fresh capital entering the market.

Did the governance vote help LDO? A recently concluded governance vote coincided with stronger market demand. The proposal received unanimous support from participating voters, with 24.4 million LDO backing it.

The upgrades proposed new versions of the Community Staking Module and Lido’s Curated Module. They aimed to improve the protocol’s staking infrastructure and validator management.

The voting period attracted greater market attention, which may have supported renewed demand for LDO.

Are traders expecting more gains? Speculators remained active during the voting period and after its conclusion. Over the past day, Open Interest rose 8% to $86.3 million. Derivatives Volume also climbed 74% to $105 million.

Source: CoinGlass Rising Open Interest and Derivatives Volume showed greater participation as traders opened additional leveraged positions. The Long/Short Ratios on Binance and OKX remained above one. Binance’s Top Trader Long/Short Ratio led at 2.0.

However, the broader Long/Short Ratio remained below one, showing that bearish positioning still dominated overall.

Are whales selling the rally? Interestingly, whales returned after remaining less active for over a week. CryptoQuant’s Spot Average Order Size showed large whale-sized transactions.

Source: CryptoQuant The orders reappeared after LDO crossed $0.38. However, the metric alone could not determine whether whales bought or sold.

By contrast, Spot Netflow turned positive on the 21st of July after two consecutive negative readings.

Source: CoinGlass At press time, Spot Netflow stood near $27,000, indicating that exchange inflows exceeded outflows. This could increase selling pressure, although it did not prove that whales made those deposits.

If larger holders sell during an uptrend, they could weaken LDO’s market structure and trigger a retracement.

Can LDO hold $0.40? LDO maintained strong upward momentum as demand recovered. The Positive Directional Indicator [+DI] rose to 41, while the ADX reached 59.

A rising +DI indicated bullish direction, while the elevated ADX confirmed the trend’s strength.

Source: TradingView If demand holds, LDO could reclaim $0.40 and target the $0.46 resistance level. However, stronger whale selling could push the altcoin back toward the $0.35 support level.

Final Summary LDO surged 13% and reached a two-month high of $0.40 before easing to $0.39. Rising activity supported LDO, although positive Spot Netflow introduced renewed selling risk.

Major cryptocurrencies rose on Tuesday as investors digested reports that the White House agreed to an ethics package accompanying the cryptocurrency Clarity Act.

Some Clarity Finally?Bitcoin rallied to a 5-week high above $66,900, and is now up 13% month-to-date. Ethereum hit an intraday high of $1,950, while XRP and Dogecoin also climbed.

The spike followed reports that the White House agreed to add an ethics provision to the Clarity Act, a key sticking point that has kept the bill tied up amid President Donald Trump’s cryptocurrency business interests.

Over $200 million was liquidated from the cryptocurrency market in the last 24 hours, with $160 million in bearish shorts erased, according to Coinglass data

Bitcoin’s open interest jumped 4.21% to over $50 billion, indicating an influx of new money into the derivatives market. Retail and whale futures traders on Binance were positioned “Neutral” on BTC.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.27 trillion, representing a 1.28% increase over the last 24 hours.

Stock Market ReboundsStocks rallied sharply on Tuesday. The Dow Jones Industrial Average spiked 385.38 points, or 0.74%, to end at 52,224.64. The S&P 500 climbed 0.89% to close at 7,509.20, while the tech-focused Nasdaq Composite gained 1.29% to end at 25,837.21.

U.S. forces, meanwhile, carried out their eleventh consecutive day of strikes against Iranian military assets, while reiterating that the Strait of Hormuz remains open to commercial shipping.

Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that Bitcoin has faced repeated rejections at the Short-Term Holder Realized Price since November, framing it as the apex cryptocurrency’s biggest test.

“With BTC back near $66,000, all eyes are now on $69,340,” the analyst added. “If history repeats, that’s where the bulls will have to prove themselves.”

On-chain analytics firm CryptoQuant said that wallets holding between 1,000 and 10,000 BTC just accelerated their buying “at the fastest pace in months

“The total balance of this cohort has returned to the same level as before the February drop, 3.09 million Bitcoins, even with the price much lower now,” the research firm said. “This is the type of institutional trading pattern.”

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Grayscale Investments, a key player in digital asset management, has taken another step to broaden its lineup of cryptocurrency-based exchange-traded funds (ETFs) by submitting a registration statement for a spot Worldcoin ETF. This move underscores the firm’s ongoing commitment to providing investors with regulated access to emerging crypto assets amid a maturing market for such products.

The proposed fund, which would trade on Nasdaq under the ticker symbol GWLD, aims to offer passive exposure to Worldcoin’s native token, WLD. Shares of the ETF would derive their value primarily from the trust’s holdings of WLD, net of expenses and liabilities.

This structure mirrors Grayscale‘s successful conversions and launches of other single-asset vehicles, allowing traditional investors to gain indirect ownership without the complexities of direct cryptocurrency custody or wallet management.

According to details in the filing, the trust was established on July 10, 2026, with the formal S-1 submission following just ten days later on July 20. BitGo Bank & Trust is designated as the custodian responsible for safeguarding the WLD tokens, while BNY will serve as the administrator and transfer agent.

These partnerships with established financial institutions highlight efforts to meet stringent regulatory standards for security and operational integrity.

Worldcoin, co-founded by OpenAI CEO Sam Altman, operates as a blockchain-based identity verification network.

It uses biometric iris-scanning technology via a device known as the Orb to issue “proof-of-humanity” credentials, distinguishing real individuals from AI-generated entities in an increasingly digital world.

The project has registered millions of users globally and positions WLD as an incentive and utility token within its ecosystem.

However, the filing itself outlines notable risks associated with the investment.

Regulatory challenges have been significant, with authorities in countries including Spain, Portugal, Germany, Hong Kong, Brazil, Kenya, and Indonesia imposing restrictions or bans on biometric data collection activities between 2024 and 2025.

Additionally, token distribution remains highly concentrated, with the top 100 wallets controlling roughly 90% of circulating supply.

Ongoing unlocks for team and investor allocations are scheduled to continue through July 2028, potentially exerting downward pressure on prices.

Market performance reflects these dynamics. As of the filing period, WLD was trading around $0.375, representing a steep decline of approximately 97% from its all-time high near $11.74 in March 2024.

Despite a modest uptick following news of the ETF submission, the token’s volatility underscores the speculative nature of the asset. Grayscale’s track record includes pioneering the transition of its Bitcoin Trust (GBTC) into a spot ETF in early 2024, followed by products focused on Solana and Dogecoin in late 2025.

Industry observers, including Bloomberg ETF analyst James Seyffart, noted the filing on social media, sparking discussions about its potential impact.

Key details such as the management fee and authorized participants remain unspecified at this stage, which is typical for initial registrations. Approval from the US Securities and Exchange Commission (SEC) and final listing clearance from Nasdaq would be required before trading commences.

This latest development aligns with broader trends in the crypto investment space, where asset managers seek to capitalize on growing institutional interest in innovative blockchain projects.

While Grayscale continues to lead with a diverse suite of products, success for the Worldcoin ETF will depend on navigating regulatory hurdles, achieving wider adoption of the underlying technology, and managing inherent market risks. Investors should approach such offerings with caution, considering the high volatility and evolving ecosystem of digital assets.

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Bitcoin is trading at $66,259 as of Tuesday morning, up 1.3% over the past 24 hours and roughly 6% since bottoming near $62,517 earlier this week, according to CoinGecko data. Ether has climbed alongside it, trading at $1,930.83, up 0.4% on the day and 3.3% over the past week, marginally outperforming bitcoin's seven-day gain of 2.5%.

The move extends a rally that began last week on the back of soft U.S. labor market data, and has picked up further this week on renewed optimism that Congress may finally advance crypto market structure legislation before its August recess.

The CLARITY Act, which would establish a federal framework dividing oversight of digital assets between the SEC and CFTC, passed the House by a 294-134 vote in July 2025 and was advanced by the Senate Banking Committee in a 15-9 vote in May. Since then it has stalled, with Democratic senators including Angela Alsobrooks and Ruben Gallego withholding support over the bill's ethics provisions.

Reports this week of a potential compromise on those ethics terms have revived hopes that a floor vote could happen before the recess, a deadline lawmakers and industry groups have flagged as critical: missing it risks pushing the bill into next year, when its prospects would likely worsen.

Macro conditions have added a second tailwind. A weaker-than-expected June jobs report, which showed the U.S. economy adding only 57,000 positions against consensus estimates of roughly double that, combined with recent comments from Federal Reserve officials suggesting AI-driven productivity gains could help ease inflation, have strengthened bets that the Fed will cut rates later this year. Softer inflation prints in the weeks since have reinforced that view, adding to the risk-on backdrop that has lifted bitcoin, ether and other major tokens together.

Trading volume has moved with the price. Bitcoin's 24-hour volume sits at $31.68 billion, up roughly 1% on the day, while ether's has risen more sharply, up 11% to $11.7 billion. Both remain well below bitcoin's all-time high of $126,080 set in October 2025 and ether's all-time high of $4,946.05 set last August, with bitcoin still down 47% and ether down 61% from those peaks respectively.

Whether the rally holds likely depends on whether the Senate actually schedules a CLARITY Act vote in the coming days, and whether upcoming economic data continues to support the case for a Fed cut. A stalled vote or a hotter-than-expected inflation reading could just as quickly take the momentum back out of the market.

MEXC has opened Bittensor’s TAO staking to its reported 40 million users through validator Yuma, adding exchange-based access to rewards from one of the largest decentralized artificial intelligence networks.

Summary

MEXC has launched TAO staking for its reported 40 million users through Yuma. Yuma will provide the validator infrastructure and manage staking allocations across Bittensor. The launch follows Yuma’s criticism of Bittensor’s proposed Root Reborn governance overhaul. Yuma announced on Tuesday that its validator infrastructure now powers TAO staking on MEXC, allowing the exchange’s customers to delegate the token without moving their holdings to a separate Bittensor-compatible wallet.

Bittensor $TAO staking is now live for all MEXC users.

We've partnered with @MEXC to expand access to the Bittensor ecosystem. MEXC's 40 million users across 170+ countries can now access TAO staking through the exchange, powered by Yuma's Bittensor-native validator… pic.twitter.com/O9A0I6jJxq

— Yuma (@YumaGroup) July 21, 2026 Under the integration, Yuma will operate the validator infrastructure behind the service while MEXC provides the customer-facing staking product. The companies said the arrangement is designed to increase participation in Bittensor and make its staking system easier to access through a centralized exchange.

MEXC reports serving more than 40 million users in over 170 countries and regions. CoinMarketCap describes the company as a global exchange founded in 2018, while MEXC says its platform lists more than 3,000 cryptocurrencies across spot and derivatives markets.

For TAO holders, the new service removes several steps normally required to stake directly on Bittensor. According to Taostats documentation, direct staking involves transferring TAO to a supported wallet, selecting a validator and completing the delegation on the network.

Yuma’s role extends beyond processing those delegations. Within Bittensor, validators assess the output of miners across different subnets and assign weights that influence how the protocol distributes token emissions.

Each subnet operates as a specialized market for a particular digital service. According to Bittensor, those services can include machine-learning inference, model training, computing power, storage and prediction systems.

Exchange access removes barriers to TAO staking Bittensor uses TAO as both its incentive token and the main asset supporting its staking system. Holders can delegate TAO to validators, which use their stake to participate in the network’s consensus process and allocate capital among subnets.

Rewards depend partly on validator performance and how those validators position stake across the network. Yuma’s infrastructure will handle that process for the TAO committed through MEXC, although the announcement did not disclose an expected annual yield, lock-up period, or minimum staking amount.

According to Bittensor’s network description, independent subnets compete to produce digital commodities while validators continually assess their relative value. The protocol calls this process Yuma Consensus, a system intended to align the incentives of token holders, validators and miners.

Bittensor’s ecosystem currently contains 128 subnets, according to the company. Individual projects focus on services including AI inference, coding assistants, financial modeling and model training, with token emissions distributed according to their measured contribution to the network.

The exchange integration also gives users an alternative to native subnet staking. CoinGecko explains that direct participation typically requires investors to buy TAO on an exchange, transfer it to a compatible wallet and then use a Bittensor interface to select a validator or exchange TAO for a subnet’s Alpha token.

MEXC and Yuma did not state whether users staking through the exchange would receive exposure to individual Alpha tokens. Their announcement identified TAO staking as the available product, with Yuma providing the underlying validator connection.

TAO traded near $199 at the time of writing, according to CoinMarketCap data supplied with the announcement. The price gave Bittensor a market capitalization of about $1.91 billion, placing the token among the largest crypto assets linked to decentralized AI.

Governance concerns remain part of TAO’s market backdrop Yuma’s partnership with MEXC follows its public criticism of Root Reborn, a proposed Bittensor governance overhaul intended to change how validators allocate capital and reduce continued selling of subnet tokens.

During TAO’s June pullback, Yuma argued that the proposal could turn validators from neutral network operators into active capital managers. The validator group warned that the model could encourage collusion, preferential treatment and frontrunning while pushing subnet developers to focus more heavily on validator relationships.

“Such a change could fundamentally alter the role of validators,” Yuma wrote in its assessment of the proposal.

Supporters of Root Reborn have presented the proposal as a possible response to pressure within Bittensor’s token structure. Critics, including Yuma, have raised concerns about concentrated governance power, strained liquidity and possible regulatory complications.

Those disagreements emerged as TAO suffered a sharp reversal in June. Crypto.news data showed that the token fell nearly 20% from its June 15 peak of about $283, reaching roughly $225 on June 19 as governance concerns, derivatives liquidations and weaker risk appetite weighed on the market.

Despite its objections to Root Reborn, Yuma has continued to support Bittensor as a validator. Its MEXC integration places the group behind a staking channel that can connect millions of exchange accounts to the network’s reward system, while the unresolved governance debate continues to shape how validators may operate in the future.

$ONDO is up around 27% on the week and roughly 13% on the day, trading near $0.40, with 24-hour volume surging more than 150% to $237 million. The catalyst is clear: @OndoFinance has just executed its most direct connection yet to the plumbing of traditional US markets.

The DTCC Bridge On July 15, 2026, Ondo Finance launched the first tokenized stock representations backed by DTC tokenized entitlements, generated through the DTCC Tokenization Service. In practical terms, these entitlements carry the same CUSIP and ticker symbol as the underlying security, meaning they represent a direct, traceable link to the real stock rather than a synthetic copy. The first two assets using this model are Circle's publicly listed stock (CRCL) and the SPDR S&P 500 ETF Trust (SPY), represented on-chain as CRCLon and SPYon.

Ondo joins more than a dozen leading TradFi and DeFi firms, including BlackRock, JPMorgan, Goldman Sachs, Nasdaq, and NYSE, participating in DTCC's largest tokenization initiative to date. The full DTCC Tokenization Service is scheduled to launch in October 2026, when eligible participants can begin converting securities for production use at scale.

A Protocol With Momentum Behind the Price Move The rally is not just sentiment. @OndoFinance enters this moment with substantial scale already behind it. Ondo Global Markets, its tokenized equities platform, crossed $1 billion in TVL less than eight months after launch, and Ondo says the platform now represents more than 70% of the tokenized equity issuer market, citing RWA.xyz data. Protocol-wide TVL now sits around $3.54 billion, more than doubling since the beginning of 2026.

Some of the price action reflects a broader rotation into real-world asset tokens, a theme that has been building across the sector. But the @The_DTCC tie-up gives $ONDO a specific and defensible reason to lead it. The change shifts Ondo's stock product toward representations tied to DTC-held securities rather than only synthetic exposure, connecting the product to existing securities infrastructure and widening how these assets can be used across exchanges, wallets, and DeFi platforms.

CEO Ian de Bode framed the ambition directly: "Today's initiative with DTCC demonstrates that Ondo Stocks infrastructure is purpose-built to interoperate with institutional market infrastructure, not to compete with it."

Sources:
Ondo Finance official blog: Ondo and DTCC Collaborate on Tokenized Stocks
Yahoo Finance / TheStreet: ONDO token jumps after Ondo Finance launches DTCC-backed tokenized stocks
Yahoo Finance: Ondo Global Markets Tops $1B TVL As Tokenized Stocks Gain Ground

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Hyperliquid, the Layer-1 blockchain for decentralized trading, is preparing to open up its outcome market infrastructure to a broader range of builders. The upcoming enhancement to HIP-4 will enable permissionless deployment of binary event contracts, marking a significant step toward scalable, on-chain prediction-style trading integrated directly with the platform’s core ecosystem.

This development builds on HIP-4’s initial mainnet launch in early May 2026, which introduced fully collateralized binary contracts that settle to 0 or 1 based on real-world or on-chain events.

These contracts trade natively alongside spot and perpetual futures on Hyperliquid’s HyperCore engine, allowing seamless cross-margining within a single account.

Traders benefit from zero opening fees in the early phase, high-speed order matching, and settlement directly in USDH, eliminating the need for separate wallets, bridges, or external resolution layers.

Currently, Hyperliquid’s team and validators curate initial “canonical” markets to ensure stability and proper mechanics.

Early examples include recurring daily BTC binary contracts, which have already demonstrated strong traction by attracting substantial volume and liquidity shortly after launch.

These controlled rollouts help validate resolution processes, auction mechanisms for price discovery, and overall system performance before wider access.

The permissionless phase, slated to begin on testnet before mainnet activation, follows a proven model similar to HIP-3’s rollout for perpetual futures. Builders will stake 500,000 HYPE tokens per deployment slot (with details around lock periods and allocations).

This stake serves as economic security: validators can slash it—and potentially burn the tokens—if deployers create ambiguous market rules, fail to settle promptly (e.g., within a week), manipulate outcomes, or cause extended downtime.

Standardized templates approved by validators will guide deployments, promoting consistency while still allowing creativity across categories like politics, sports, macroeconomic releases, crypto events, and entertainment.

Deployers stand to earn up to 50% of trading fees generated by their markets, creating strong incentives for high-quality, recurring series rather than one-off experiments.

Slot recycling further optimizes capital use, letting a single stake support ongoing rolling contracts.

This approach addresses key limitations in existing prediction platforms.

Unlike off-chain or hybrid systems, HIP-4 offers end-to-end on-chain execution, deep integration with perpetuals and spot trading for capital efficiency, and aligned incentives through slashable stakes.

It positions Hyperliquid to capture more of the rapidly growing event-contract volume while leveraging its existing user base of active traders and robust liquidity.

Industry observers note that permissionless access could dramatically expand the variety and volume of tradable outcomes—potentially orders of magnitude beyond traditional listings—while maintaining safeguards against low-quality or malicious markets.

As Hyperliquid continues refining the feature, it could challenge established players by combining the transparency and openness of decentralized markets with institutional-grade performance and risk controls.

The update underscores Hyperliquid’s strategy of iterative, security-first expansion.

By lowering barriers for builders while enforcing accountability, HIP-4’s permissionless tier aims to foster innovation in outcome markets without compromising the network’s reliability or user experience. This could further solidify the platform’s role as a comprehensive hub for on-chain trading primitives.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Ethereum Improvement Proposal (EIP) 8222 is set to adopt a STARK-based cryptographic scheme to enhance on-chain privacy for institutional stakers.

EIP-8222, an Ethereum Improvement Proposal, proposes to adopt a STARK-based cryptographic scheme to weaken the traceable correlation between staking deposit addresses, validators, and withdrawal credentials, with the goal of enhancing on-chain privacy for institutional stakers. Digital asset bank Sygnum Bank stated that this move could help attract more institutions to participate in staking, though it may also result in higher execution costs, slower asset operation processes, and additional compliance and audit requirements. The proposal remains in the discussion stage, and no launch timeline has been confirmed.

7 minutes ago

UK-based crypto treasury firm Satsuma will sell 668 Bitcoin and initiate delisting.

UK-based Bitcoin treasury firm Satsuma’s shareholders have approved the sale of its 668 Bitcoin reserves and initiated delisting procedures. The company will offload all 668 BTC, with delisting expected to be completed by September 14, 2026, and fund payments plus CREST transfers finalized by September 28. Satsuma’s Bitcoin reserve strategy lasted less than a year; it earlier raised $218 million via convertible notes, later selling some Bitcoin to repay holders of unconverted notes. As of April this year, the firm’s stock price had fallen more than 99% from its peak.

7 minutes ago

Ark Invest purchased 16,665 shares of Securitize on Tuesday, worth approximately $125,700.

According to market data from BIT (bit.com), Ark Invest, the firm led by Cathie Wood, purchased 16,665 shares of Securitize (ticker: SECZ), BlackRock’s real-world asset (RWA) platform, on Tuesday, for a total value of approximately $125,700. SECZ gained 13.9% that day, closing at $7.54.

7 minutes ago

Trump endorses crypto ethics bill: Prohibits federal officials from issuing cryptocurrencies, with the U.S. Department of Justice serving as the lead enforcement agency.

According to multiple sources familiar with the matter, the crypto ethics provision signed by Trump will bar federal officials—including members of Congress, the president, and vice president—from issuing digital assets, and designate the U.S. Department of Justice (DOJ) as the primary enforcement authority for the provision, rather than state attorneys general. This arrangement could become a new point of contention in advancing the CLARITY Act, as Democrats have long argued that states should retain certain enforcement powers. Maryland Democratic Senator Angela Alsobrooks, one of the lead negotiators for the bill, issued a statement earlier Tuesday: “The DOJ enforcing ethics provisions? This is not a serious proposal. If the language stays this way, I will not support the bill.” Her concerns over enforcement powers specifically target Trump’s personal meme coin and his family’s firm, World Liberty Financial. The ethics provision has been the final sticking point for the CLARITY Act after months of legislative hurdles. Patrick Witt, a senior White House advisor for crypto affairs, revealed the details of the ethics language during an industry call on Tuesday afternoon. The White House has not confirmed the exact text, but an official attributed the potential impasse to Democrats in an email: “If Senate Democrats block this historic legislation after the administration has gone to great lengths to accommodate their concerns, industry players should recognize that it is Democrats holding up the bill, as they have never taken legislative outcomes seriously.” Currently, both sides continue negotiations based on the current draft, and it remains unclear whether an agreement can be reached before the Senate adjourns.

7 minutes ago

A crypto whale closed out a $35 million long position in MU, booking a profit of $1.71 million.

According to EmberCN's monitoring, a whale went long on Micron Technology worth $35 million yesterday, and closed the position six hours ago, locking in a profit of $1.71 million. The entry price was $918, and the exit price stood at $964.

7 minutes ago

SpaceX ends 7 straight daily losses; Rocket Lab rises over 12% cumulatively today.

According to market data from BIT (bit.com), U.S. space stock Rocket Lab (RKLB) closed up 5.14% and gained over 7% in after-hours trading. The company has secured a $266 million contract from the U.S. Air Force to launch 12 suborbital vehicles, with an optional additional 6 launches. The missions will be conducted in Alaska and are scheduled for completion by the end of 2028. Separately, SpaceX rose more than 3%, ending its 7-day consecutive losing streak, and added another 1.3% in after-hours trading. SpaceX will release its Q2 2026 earnings report and hold a live earnings webcast on August 4, with the market currently focused on Starship’s next test flight.

7 minutes ago

THE BLOCK: Ousted founder's $1.6 million claim tops Movement Labs' bankruptcy filing

Movement Labs, the original developers behind the Move blockchain, have filed for bankruptcy in the U.S. This move comes after scandals involving the MOVE token and a restructuring that led to a major overhaul of the token’s ecosystem.

Movement Labs Files For Chapter 11 Bankruptcy Court filings show that the firm filed for Chapter 11 bankruptcy last week with assets worth up to $500,000 and liabilities exceeding $1 million. Creditors include co-founder and CEO Rushi Manche, who left the company last year.

This follows several controversies that involved the MOVE token. Last year, there were allegations that Movement Labs had promised 10% of its MOVE token supply to early insiders. This had contributed to the sharp decline that the token suffered around that period.

There was also controversy about a market-making deal involving 66 million MOVE tokens that were sold after launch. The top crypto exchange Binance banned the market maker and froze the profits, which it used to compensate users.

Movement Labs also announced at the time that it had conducted an investigation and promised to carry out token buybacks. This was also around the time of the restructuring, with Move Industries taking over operations for the MOVE blockchain. Meanwhile, the company officially terminated the co-founder Rushi Manche for signing undisclosed deals.

Move Industries CEO Provides Clarification In an X post, Move Industries CEO Torab clarified that Movement Labs is a separate legal entity from Move Industries and that the latter is not part of the filing. “Move Industries is operating normally. We continue to put our heads down and build,” he assured.

Move Industries led the pivot of the Move blockchain from an Ethereum layer-2 to an independent Layer-1 network late last year. The network now positions itself as a settlement layer for stablecoin payments in emerging markets.

The MOVE token is trading flat amid this development of Movement Labs filing for bankruptcy. The token is currently trading at around 0.0108, up less than 1%, according to TradingView data.

Source: TradingView; MOVE daily chart For more information on crypto exchanges, please check out our page on Best Crypto Exchanges and Apps for 2026

Movement Labs files for Chapter 11 bankruptcy after months of MOVE token turmoil Latest NewsPublishedJul 21, 2026

The blockchain developer will continue operating under court supervision as it restructures following a market-making scandal, a co-founder’s suspension, and exchange delistings that rocked the project.

Movement Labs, the developer behind the Movement Ethereum layer-2 blockchain, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware, according to court records.

The petition was filed July 15 under Subchapter V, a streamlined reorganization process for qualifying small businesses. The filing allows the company to continue operating while it restructures under court supervision.

On Monday, the court approved interim requests allowing Movement Labs to maintain its bank accounts and cash management systems and obtain debtor-in-possession financing to fund operations during the bankruptcy process. Creditors have until Sept. 14 to file claims.

Following the filing, Move Industries CEO Torab Torabi wrote on X that the bankruptcy applies only to Movement Labs. Move Industries, which took over development and operations of the Movement ecosystem from Movement Labs in December 2025, continues to operate normally, according to Torabi.

Source: Torab

Market-making scandal rocked Movement before bankruptcyThe filing follows months of turmoil tied to the launch of Movement’s MOVE token and a controversial market-making agreement.

Movement Labs suspended co-founder Rushi Manche in May 2025 over a deal he helped broker with Web3Port. The market maker received 66 million MOVE, about 5% of the token’s supply, and later sold the holdings, reportedly creating roughly $38 million in downward price pressure and prompting an independent investigation.

Coinbase suspended MOVE trading later that month after determining the token no longer met its listing standards, as the review into the market-making arrangement continued.

The bankruptcy follows a prolonged decline of the MOVE token, which has fallen more than 94% over the past year to roughly $0.01.

MOVE token price over the past year. Source: CoinGecko

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.

Movement Labs has filed for Chapter 11 bankruptcy with no more than $500,000 in assets and liabilities that could reach $10 million following more than a year of turmoil around the MOVE token.

Summary

Movement Labs filed for Chapter 11 with up to $10 million in liabilities. Rushi Manche holds its largest unsecured claim, worth more than $1.6 million. Move Industries says its operations and Movement blockchain development remain unaffected. Court records show that MVMT Labs submitted its petition on July 15 in the U.S. Bankruptcy Court for the District of Delaware. The original developer of the Movement blockchain listed between $100,001 and $500,000 in assets, up to $10 million in liabilities and as many as 299 creditors.

Former co-founder and chief executive Rushikesh “Rushi” Manche holds the largest unsecured claim at more than $1.6 million, according to the filing. The document also names the Delaware Division of Corporations, Move Industries, Anchorage Digital and security auditor OtterSec among the claimants, with the Delaware agency allegedly owed $459,000.

Despite being removed from the company in May 2025, Manche still owns a 34.25% equity stake in Movement Labs. He previously sued the company in the Delaware Court of Chancery and secured payment of legal expenses connected to a U.S. Department of Justice grand jury investigation into the MOVE launch.

Movement Labs originally served as the main research and development company for Movement Network, which launched as an Ethereum layer-2 using the Move programming language. Meta initially developed Move for its abandoned Libra and Diem digital currency projects.

Before the token controversy, Movement Labs had attracted substantial venture funding. The company raised $38 million in a Series A round led by Polychain Capital, while Reuters reported in January 2025 that it was close to completing another $100 million round at a proposed $3 billion valuation.

MOVE scandal left lasting damage Movement Labs’ problems intensified after MOVE debuted on exchanges in December 2024. An investigation by CoinDesk found that a market-making agreement handed 66 million MOVE tokens, or about 5% of the supply, to a little-known intermediary called Rentech.

According to internal documents reviewed by CoinDesk, wallets linked to market maker Web3Port sold the tokens one day after MOVE’s exchange debut and generated about $38 million. The sale placed a large share of the publicly traded supply under one counterparty’s control and contributed to a steep fall in the token’s price.

Scrutiny also fell on the structure of the agreement because Rentech appeared in contracts both as a Movement Foundation agent and as a Web3Port affiliate, CoinDesk reported. Rentech denied misrepresenting itself, while Movement co-founder Cooper Scanlon told employees that the project was examining whether it had been misled.

Reviewing the documents, crypto founder Zaki Manian argued that the terms created incentives to raise MOVE’s valuation before selling tokens to retail traders.

“Even participating in a discussion where that’s on paper is insane,” Manian told CoinDesk.

Binance later banned the market-making account for what the exchange described as misconduct and froze the profits linked to the token sales. Movement Network Foundation subsequently announced a $38 million MOVE repurchase plan using the recovered funds and hired outside firm Groom Lake to investigate the agreement.

Leadership changes followed the inquiry. Movement Labs terminated Manche after alleging that he had signed undisclosed agreements, while the company transferred core development responsibilities to the newly formed Move Industries under chief executive Torab Torabi.

Trading disruptions compounded the damage. The Block reported that Binance and Coinbase suspended MOVE trading after the launch controversy, while TradingView data cited in the original report placed MOVE near $0.0108 following the bankruptcy news, with the token gaining less than 1%.

Move Industries remains outside the filing Move Industries has denied any involvement in the Chapter 11 case and continues to operate the blockchain separately from Movement Labs. Addressing the filing on X, Torabi stressed that the two companies are distinct legal entities.

“Move Industries is operating normally. We continue to put our heads down and build.”

Movement Network Foundation confirmed in December 2025 that Move Industries had become the network’s primary service provider and assumed its main operating duties. Under that arrangement, the foundation remains the independent network steward, while Move Industries handles development, operations and ecosystem work.

Following the corporate separation, Move Industries converted Movement from an Ethereum layer-2 into an independent layer-1 network. The company has since positioned the chain as infrastructure for stablecoin payments, cross-border transfers and remittances in emerging markets.

Movement Labs is the second prominent crypto company to seek U.S. bankruptcy protection in recent months. In May, Nasdaq-listed Bitcoin Depot entered Chapter 11 in the Southern District of Texas to close its crypto ATM business and sell its assets under court supervision.

Unlike Movement Labs, Bitcoin Depot blamed tighter state rules, lower transaction limits, litigation and enforcement pressure for making its model unsustainable. The company took more than 9,000 kiosks offline and included its Canadian entities in the court-supervised process, according to its May 18 announcement.

What BOOST Mode Does@Pumpfun has activated a new feature called BOOST mode, designed to recover more than $100M in annual liquidity that was previously lost during token migrations. Under the old system, a portion of the capital accumulated inside a bonding curve was effectively stranded during the graduation process, never making it into the new trading pool.

The BOOST mechanism changes that. According to @Pumpfun, every newly bonded asset now automatically receives 17.6 $SOL or $2,516 $USDC reinjected into it immediately upon graduation. The capital is deployed over five minutes through a series of systematic buybacks and burns, designed to support price action at the most vulnerable moment in a token's lifecycle.

To manage execution risk, the protocol uses a Time-Weighted Average Price (TWAP) strategy. Rather than deploying capital in a single transaction, TWAP spreads purchases across a defined window, reducing the chance of front-running or adverse price impact. The net result, according to the team, is that 20% of liquidity previously sacrificed to protocol friction is now put to work supporting each graduating token.

Context: Pumpfun's Migration Architecture A Pump.fun token graduates when its bonding curve is fully sold out, meaning 100% of the 800 million tradable tokens have been bought. Pump.fun launched PumpSwap in March 2025, and graduations have gone there ever since. Tokens that complete their bonding curve now migrate directly to PumpSwap, removing the 6 SOL migration fee that previously applied.

The BOOST update sits on top of that architecture. By capturing capital that historically disappeared into protocol overhead, it gives newly graduated tokens an immediate liquidity injection rather than leaving them to find their footing in the open market with whatever the bonding curve left behind.

The move is the latest in a broader push by Pump.fun to shore up its ecosystem economics. Pump.fun's gross protocol revenue totaled $971.37 million in 2025 but is annualizing to roughly $320 million so far in 2026, according to DefiLlama data. Earlier this year, the team unveiled a structured buyback-and-burn program directing 50% of revenue from core products, the bonding curve, PumpSwap, and its terminal, to irreversible smart contracts that purchase and burn $PUMP for at least one year.

BOOST mode extends that logic down to the individual token level, attempting to make every graduation event more robust for traders and token creators alike.

Sources
CoinDesk: Pump.fun Burns 36% of PUMP Supply, Locks 50% Revenue Into Buybacks
CryptoNews Australia: Pump.fun Unveils PumpSwap DEX and Token Migration Strategy

Pump.fun has introduced BOOST mode, a new launch mechanism that automatically reinjects liquidity through token buybacks and burns after coins complete the platform’s bonding curve.

Introducing BOOST mode – the new standard launch mechanism for EVERY new pump fun coin

Over $100M in dead liquidity is lost every year when tokens migrate. Now, we’re reinjecting future liquidity into EVERY BONDED COIN.

Learn more 👇 pic.twitter.com/FJEE0rSXiB

— Pump.fun (@Pumpfun) July 21, 2026

The Solana memecoin launchpad said more than $100 million in liquidity becomes permanently trapped each year when tokens migrate from their bonding curves. The platform refers to this capital as dead liquidity because it remains locked in liquidity pools even after traders sell their holdings.

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Under the previous migration structure, each token sacrificed roughly 20% of its liquidity, according to Pump.fun. BOOST mode redirects part of that capital into market purchases during the five minutes immediately following a migration.

The mechanism reinjects 17.6 SOL for SOL trading pairs or $2,516 for USDC pairs. Purchases are executed gradually through a time weighted average price system, with the acquired tokens automatically burned after each transaction.

Pump.fun said the feature does not require creators or traders to activate it. All eligible coins migrating after 10:23 a.m. Eastern Time on July 21 will automatically use the BOOST configuration.

Tokens that migrated before the cutoff will not receive the feature. Coins launched through Pump.fun’s Mayhem system are also excluded.

Pump.fun said the trading experience will remain unchanged, while the redirected liquidity is intended to create additional buying pressure and permanently reduce the circulating supply of migrated tokens.

Pump.fun’s native PUMP token traded largely flat following the announcement, although it remained up more than 30% over the previous seven days.

Disclosure: This article was edited by Estefano Gomez. 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.

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Bitcoin price has retreated from nearly $67,000 after escalating U.S.-Iran hostilities pushed oil prices higher and tempered optimism created by progress on the CLARITY Act.

Summary

Bitcoin pulled back after briefly touching $66,965 as sellers defended the $67,000 resistance level. CLARITY Act progress, ETF inflows and short liquidations fueled BTC’s rapid advance. Rising oil prices and the U.S.-Iran conflict threaten a sustained breakout toward $70,000. According to data from crypto.news, Bitcoin (BTC) price rose from an intraday low of $65,149 to $66,965 on July 21 before sellers forced the price back to about $66,440. The asset remained up 1.8% on the day, but its failure to hold $67,000 showed that traders were unwilling to chase the rally as energy and inflation risks returned.

CLARITY Act progress and ETF inflows have fueled Bitcoin’s rally Bitcoin’s advance began after the White House and Senate negotiators reached an agreement on an ethics provision that had delayed the Digital Asset Market Clarity Act. Treasury Secretary Scott Bessent described negotiations as being at the “1-yard line,” while senators suggested the bill was close to a final vote.

The proposed ethics rules address concerns about elected officials and senior government figures holding or promoting crypto assets while in office. Reports that President Donald Trump had accepted the provision helped crypto-linked stocks rally, with Coinbase and Circle shares gaining as much as 10% during the session.

U.S. spot Bitcoin exchange-traded funds added another source of demand. According to SoSoValue data, the funds recorded about $227 million in net inflows on July 20, their fifth consecutive positive session and their longest inflow run since April.

The ETF streak followed a difficult June, when investors withdrew billions of dollars from the products. Five days of fresh allocations have helped absorb available supply while Bitcoin has recovered from its June low near $58,000.

Spot activity also remained firm during the latest advance. Commenting on the order flow, analyst Ted Pillows wrote:

“Consistent spot buying for BTC now. This looks much better.”

Leverage amplified the initial breakout. Market data showed roughly $223 million in crypto positions liquidated over 24 hours, including about $181 million in shorts. Forced purchases by bearish traders helped Bitcoin clear $65,000 and accelerate through the $66,000 resistance area.

A separate derivatives event later exposed the rally’s fragility. According to trader Daan Crypto Trades, a position worth more than $100 million appeared to close at market, erasing over $250 million in Bitcoin open interest within one minute.

$BTC Massive $100M+ long just seemingly market closed.

$250M+ in Open Interest gone in a single 1 minute candle on BTC alone.

Meanwhile price retraced most of it minutes later.

Wonder what the idea was there, can't imagine that was a desired execution on that position. Fat… pic.twitter.com/he1nQXsP5n

— Daan Crypto Trades (@DaanCrypto) July 21, 2026 BTC briefly fell toward $65,900 before recovering most of the decline, which Daan attributed to a possible execution error or an attempt to trigger cascading liquidations.

Oil risks and overhead supply have blocked a clean $67,000 breakout Oil prices have complicated the bullish setup. U.S. crude climbed about 2.6% to $84.70 per barrel, its highest level since June 12, as supply fears grew across the Strait of Hormuz and the Red Sea.

Washington carried out a tenth consecutive day of strikes against Iran, while Trump warned that Tehran “will pay” for attacks that killed American soldiers. Reuters also reported damage to a tanker near the Strait of Hormuz and disruption involving Saudi crude shipments after threats from Iran-aligned Houthi forces.

Higher energy costs could feed into July inflation and give the Federal Reserve less room to support financial markets. The dollar strengthened as traders reassessed the chances of higher interest rates, creating a potential headwind for Bitcoin and other speculative assets.

On the daily chart, BTC has moved above the Bollinger Band midpoint at $63,839 and briefly exceeded the upper band near $66,100. Trading above the upper band confirms strong buying pressure, but the rejection from $66,965 raises the risk of a pullback toward the band’s midpoint.

Bitcoin daily price chart — July 22 | Source: crypto.news The Average Directional Index stood at 23.08. A reading below 25 means the daily trend has not yet gained enough strength to confirm a sustained directional move, despite Bitcoin’s recovery from the June trough.

Bitcoin has also reached the upper boundary of an ascending parallel channel on the four-hour chart. Resistance sits between $67,000 and $67,800, while the channel floor runs near $64,000. A four-hour close above $67,800 would clear the structure and expose $69,500, followed by the psychological $70,000 level.

Bitcoin 4-hour price chart — July 22 | Source: crypto.news Momentum still favors buyers. The four-hour MACD line stood at 592.66, above its 441.46 signal line, while the positive histogram reached 151.19. The Chaikin Money Flow reading of 0.35 showed that capital continued to enter the market despite the rejection.

CoinGlass’ three-day liquidation heatmap places the closest overhead leverage around $66,800 to $67,300, with another concentration near $68,000. A move through those levels could force additional short closures. Below price, liquidation pools appear around $65,300, $64,800, and $64,200.

Bitcoin liquidation heatmap | Source: CoinGlass The bullish case would weaken if BTC closes below the channel floor and loses the daily Bollinger midpoint near $63,800. Such a breakdown could expose the lower daily band at $61,578, while renewed oil gains, further military escalation, or declining ETF inflows would add pressure. Bitcoin must therefore convert $67,000 into support before the latest recovery can extend toward $70,000.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

You might have heard about BIP-110; here’s why this fork is not just bad for Bitcoin, but it is built on a misunderstanding of what a Bitcoin node is and what it is good for. As well as why, because of this misunderstanding, BIP-110 will fail. 

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

BIP-110 is a Bitcoin Improvement Proposal titled as a Reduced Data Temporary Softfork. The BIP proposes a consensus change to Bitcoin, which attempts to limit the types and amounts of arbitrary data that can be added to consensus-valid transactions by limiting a wide range of Bitcoin’s scripting capabilities. BIP-110 is led by a pseudonymous developer known as Dathon Ohm and is widely supported by the Knots community, an alternative implementation of Bitcoin led by one of Bitcoin Core’s earliest contributors, Luke Dashjr and its supporters.

The BIP-110 consensus change is headed towards a mandatory signaling period in the coming weeks and thus a potential fork with the main consensus rules as implemented in Bitcoin Core. The proposal needs to gain a great deal of support from miners within the coming weeks to change Bitcoin consensus. As of the time of writing, miner signaling for BIP-110 stands at less than one percent. 

The Knots community, widely made up of Bitcoiners running nodes on machines like Start9 and Umbrel, has rallied around Knots in protest of a series of development decisions made by Bitcoin Core, the primary open source development community and reference implementation of Bitcoin. While a majority of senior Bitcoin developers are either opposed or apathetic to the changes proposed by BIP-110, the movement has gained enough steam to become an ongoing topic of discussion on social media. 

Supporters of BIP-110 believe that by running Bitcoin full nodes that signal for the consensus change, they alone can change Bitcoin. Here are the main concepts being debated, the biggest misconceptions about Bitcoin consensus, what a Bitcoin node is, and why BIP-110 is almost certain to fail. 

The Power and Limits of a Bitcoin Node Many of the disagreements and misconceptions in this recent cultural conflict within Bitcoin revolve around the idea of a Bitcoin full node. Influencers like Knut Svanholm, author and podcaster, have elevated the role of the full node to heights perhaps too close to the sun. 

Knut recently tweeted: “Every person on Earth is a node in the Bitcoin network. Most to a minuscule extent, of course, but every node is first and foremost a person, not a machine. Which tools we use to interact with the network (and, by extension, to which extent they influence the network) is entirely dependent on the choices we make.”

Statements of this sort are poetically beautiful, philosophically grand, romantic even, but nevertheless technically incoherent and fundamentally meaningless. Knut’s tweet attempts to redefine what a ‘Bitcoin node’ means and fails at it, instead diluting the value of the term entirely. He might as well have said that every atom in the universe is a Bitcoin node, since apparently to him the term is all-encompassing. 

Knut,  though well-intentioned, is wrong. A Bitcoin node is something very specific. It is a full copy of all of Bitcoin’s transaction history, block headers and transaction-related data. Its purpose is very specific: to let users verify the integrity of Bitcoin’s supply and transaction history in relation to Bitcoin’s consensus rules. 

Bitcoin nodes grant users a variety of benefits, such as privacy. Third-party wallet providers query their copy of the Bitcoin blockchain for the user’s balance and serve it back to the user via the wallet app. Most mobile wallets function this way, with users asking a third-party server for their balances; some, very few, can connect to a user-run local Bitcoin node, in which case the user’s public addresses and balances are not shared with any third-party wallet company. 

Another benefit Bitcoin nodes grant users is the ability to check whether they are in consensus with the rest of the network, staying in sync. If the user mines Bitcoin or contributes any significant amount of hashing power to Bitcoin’s proof-of-work network, the node also provides the opportunity to assemble a block, choosing which transactions go into it. This is only possible if the user manages to mine a Bitcoin block, which is quite an achievement today, given the difficulty and steep competition. 

Even new kinds of mining pools like Ocean, which attempt to decentralize block template production, letting retail miners have more influence over which transactions enter the chain, still need enough hashing power to win the proof-of-work race, resulting in sporadic blocks being mined and thus limited influence over the blockchain. 

Bitcoin nodes also relay transactions across the network, with tens of thousands of them communicating via a flood network; this results in a censorship-resistant system where a small number of nodes can get controversial transactions to miners, bypassing any kind of filters, as demonstrated by Peter Todd’s relay libre. Thus, Bitcoin nodes can not easily filter which transactions enter the blockchain.

Even a large majority of Bitcoin nodes alone can not, however, change Bitcoin consensus. Not without having a large amount of economic activity entering the Bitcoin network through them, as exchanges do on behalf of millions of users. Not without having the protocol and application developer community behind them. Not without having the investor community behind them. Bitcoin is not a node democracy, contrary to popular memes today. 

Bitcoin nodes do not grant you ‘citizenship’ in the ‘Bitcoin nation’. Satoshi Nakamoto was quite clear about this in the Bitcoin white paper. Bitcoin’s ultimate security and governance structure is: one CPU cycle, one vote, not one Bitcoin node, one vote. And miners, who run the CPU cycles over Bitcoin’s proof-of-work, are very sensitive to investor sentiment and the broader developer community, resulting in a distributed global protocol for money that is very difficult to change. 

Bitcoin nodes ultimately let you know if you are connected to the network with the most accumulated proof-of-work and that its consensus rules are being followed, but a node alone does not let you change the consensus rules. Users who change the consensus rules of their Bitcoin node are, by definition, no longer running Bitcoin. As a result, changing Bitcoin consensus as a node runner is very difficult, and that’s a feature, not a bug. Bitcoin is money for enemies. 

History and Bitcoin Consensus Games Deep work has been done, trying to understand Bitcoin consensus, its various pillars and interest groups. Ren Crypto Fish, Steve Lee and Lyn Alden identified six of them in BCAP, an open-source effort to analyze Bitcoin consensus and risks in protocol upgrades. BCAP identified stakeholders such as Economic Nodes, Investors, Media Influencers, Miners and Protocol Developers, and Users and Application Developers

Historically, in the case of a consensus crisis, it is true that Bitcoin nodes have been used to signal support for one version of Bitcoin over another. Fork events like 2017’s Bitcoin Cash fork are often cited as examples of economic nodes winning against opposition by miners. 2017’s legendary User Activated Soft Fork (UASF) faced major opposition in theory; a large majority of mining pools and their corresponding collective hashrate supported the Segwit2x version of Bitcoin, with many exchanges and corporations having signed the infamous New York Agreement. 

The Bitcoin node-supported soft fork won nonetheless, bluffing the Segwit2x version from a contested blockchain altogether. But that’s the thing: while the Bitcoin nodes technically won, they did so by having massive support from protocol developers, investors and media influencers: these nodes really had economic weight and rough consensus. BIP-110, on the other hand, does not have the protocol developers, nor does it have enough investors behind it. Michael Saylor has come out against it, with many industry leaders also openly opposing it or staying out of the matter entirely. 

In fact, during the Bitcoin Cash fork, the limits of retail Bitcoin nodes were clearly understood. A Bitcoin node run by an exchange is orders of magnitude more influential than that of a retail user, as it introduces large amounts of new transactions to the Bitcoin network. The Bitcoin node of a major mining pool is far more influential than that of a hobbyist solo miner, as it more often assembles blocks and chooses which transactions settle to the blockchain. 

Most Bitcoiners outside of exchanges use mobile wallets to access their Bitcoin. Such users and investors can ‘vote’ with their money, so to speak, by moving their bitcoins and economic activity elsewhere, be it to a wallet that supports their vision of Bitcoin, or their own full node. But while users remain on mobile wallets that talk to third-party nodes, those users have little individual influence over Bitcoin consensus. And the vast majority of mobile wallets are using a Bitcoin core-compatible back end. 

The same goes for exchanges; their users effectively delegate consensus decisions to the exchange operators. In some cases, exchanges have put consensus issues to a user vote, weighed by their total holdings, returning that decision to end users weighed by capital; we may see this happen again with BIP-110. 

Votes of the sort have started happening with Foundry today. One of the biggest Bitcoin mining pools in the world, Foundry, recently emailed its miners informing them that they can vote on the proposal with their hashrate. A high enough support could result in Foundry signaling for BIP-110, though that remains unlikely. Users who do not vote will effectively signal against BIP-110, defending the status quo. Thus apathy about the topic of BIP-110 would be a win for Bitcoin Core by default. BIP-110 supporters need to culturally win over a majority of the Foundry hash rate, who then must act to vote against the Bitcoin Core developer consensus, the most popular Bitcoin implementation and best supported codebase.

Today, miners are not signaling support for BIP-110 in any significant way. In fact, according to some data, this is one of the least supported soft fork attempts by miner signaling in Bitcoin’s history. Less than one percent of the blocks mined in the current difficulty adjustment period are signaling for BIP110. 

Concluding Thoughts BIP-110 has so far failed to gain consensus across major interest groups within Bitcoin; neither developers, investors, miners, nor large economic nodes support the consensus change. The result is likely to be a chain split in the coming weeks, which could have significant consequences for lightning wallets running on BIP-110-compliant nodes, ultimately resulting in a new, yet small blockchain that would probably have to change the proof-of-work used to stay alive. 

Glassnode reported improving derivatives activity despite muted spot trading in the Bitcoin market.

Speculative activity in the Bitcoin market is showing signs of recovery even as spot market participation remains subdued, according to Glassnode’s latest findings.

The analytics firm said spot trading activity continues to lack conviction, as Spot Volume fell below the lower statistical band of $4.5 billion, which was indicative of persistently weak liquidity and muted investor participation. Such low trading volumes typically accompany periods of consolidation, where markets struggle to build enough momentum for a decisive breakout.

At the same time, Spot Cumulative Volume Delta (CVD) showed that aggressive taker selling has eased compared to the previous week. Although the metric remains in negative territory, the narrowing deficit signals that sellers are becoming less aggressive. The reading is now sitting comfortably within its statistical range as traders reassess their market direction.

While spot markets remain quiet, derivatives data points to a gradual return of speculative appetite.

Derivatives Activity Picks Up Futures Open Interest, for one, has climbed to $32 billion. Glassnode said the steady increase indicates traders are gradually re-establishing leveraged positions, which has led to higher participation across the futures market.

Long-Side Funding Payments, however, have declined to $1.7 million and are now close to the upper statistical threshold. According to the report, this suggests bullish positioning is still dominant, but traders are paying a smaller premium to maintain long positions. This means that aggressive bullish conviction has moderated compared to recent sessions.

Meanwhile, Perpetual CVD has recovered sharply and has reversed from a net selling bias to a positive $123.2 million. The move into positive territory points to a shift in taker behavior, as aggressive buyers are now exerting greater influence on price action than sellers.

You may also like: Crude Oil Spikes Above $91: What It Means for Bitcoin (BTC) Bitcoin Just Triggered Three Rare Signals That Previously Marked Market Bottoms Bitcoin Has Exited Capitulation Regime as Momentum Rebuilds: Analysts Options Positioning Shifts Activity in the options market has also strengthened. Options Open Interest rose to $30 billion, as capital committed to derivatives positions increased, although the figure remains slightly below the lower statistical band of $30.3 billion. Glassnode said the trend suggests traders are actively opening new positions. This potentially raises the chances of volatility around major options strike prices.

Simultaneously, the Volatility Spread has narrowed sharply and now sits comfortably within its statistical range, which indicates that implied volatility has largely aligned with realized market movements and that options traders are demanding a smaller risk premium.

This trend was also evident in the Options 25-Delta Skew, which has retreated significantly amidst weaker demand for protective put options and a moderation in bearish hedging activity as sentiment becomes more neutral.

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Bitcoin (BTC) whales (accounts holding between 1,000 and 10,000 BTC) have been consistently accumulating the cryptocurrency since late May. This period of accumulation began in early May, when prices were around  $80,000, and has continued even as prices declined 17.25% to a current $66,256.

Whales load up on Bitcoin despite market swings Unlike previous months, the period since May shows unprecedented, continuous accumulation despite geopolitical and macroeconomic headwinds. In the last month alone, this cohort has accumulated 48,000 Bitcoins. This brings their total stash to 3.09 million Bitcoins, similar to the amount they held in February of this year.

Source: Crypto Quant

These whales likely represent institutions that thrive on Dollar-Cost Averaging (DCA) rather than timing markets for ripe entry levels.

Even then, these whales are likely anticipating a major market turnaround following recent developments in global crypto regulation and technical setups.

US President Donald Trump recently signed an ethics package barring him and any other high-ranking officials from profiting off the crypto policies they shape. Despite this development, nations such as Japan and Russia are way ahead of America in terms of crypto regulation. This builds pressure for swift policy legalization, seeing as the US aims to lead the crypto industry on a global scale.

Technical setupsOn-chain metrics such as MVRV (Market Value to Realized Value) and CVDD (Cumulative Value-Days Destroyed) suggest a potential cycle bottom between $40,000 and $50,000. 

However, one technical trifecta indicates we may have arrived at a historically dominant accumulation zone.

Source: Ali Charts

The monthly Relative Strength Index (RSI) is below 43.65, the Chande Momentum Oscillator is at -71, and BTC is actively trading around its 50-month moving average. The combination of these offers a highly favorable risk-to-reward ratio, driving whale attention away from shorting and into accumulation.

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