Track market-moving stories before they get noisy

Changxin's pre-IPO price drops to $6, corresponding to an RMB share price of 40.62 yuan on its first day of listing.

According to Hyperinsight’s monitoring, the Pre-IPO contract price of CXMT (Changxin Memory Technologies, whose listed entity is Changxin Technology) on Hyperliquid has fallen to $6, with a more than 5.7% drop in 24 hours. The corresponding RMB share price stands at 40.62 yuan. Calculated based on the post-issue total share count of 66.881 billion shares, the on-chain implied market capitalization is approximately $400 billion, equivalent to around 2.7 trillion yuan. At this valuation, the subscription cost per lot of 500 shares for retail investors who win the online application is 4,330 yuan. The estimated market value of 500 shares on the first day of listing is 20,310 yuan, translating to a profit of roughly 16,000 yuan per lot.

21 minutes ago

The latest draft of the CLARITY Act includes an incentive clause for white hat hackers, proposing to offer rewards to individuals who identify security vulnerabilities.

The latest draft of the U.S. Senate’s Cryptocurrency Market Structure Act (the CLARITY Act) includes provisions encouraging white hat hackers to responsibly disclose cybersecurity vulnerabilities, proposing to authorize rewards for individuals who identify and report such flaws to bolster protection for digital asset infrastructure before they are maliciously exploited. The provision incorporates the views of former CFTC Chairman J. Christopher Giancarlo, a long-time advocate for digital asset innovation.

21 minutes ago

US tech giants have cut nearly 140,000 jobs this year, with the four leading players' AI capital expenditure totaling $725 billion.

According to statistics from the Financial Times in partnership with Challenger, Gray & Christmas, U.S. tech industry layoffs since 2026 have accounted for more than one-third of all announced layoffs nationwide. Amazon, Oracle, Meta and Microsoft alone have cut nearly 50,000 jobs, roughly 6% of their total workforce. In sharp contrast, Amazon, Alphabet, Meta and Microsoft are projected to invest a combined $725 billion in AI infrastructure such as data centers this year. After laying off staff in March, Oracle’s total headcount dropped by 21,000 for the full year; this month, S&P downgraded its credit rating, citing weak cash flow and uncertain AI returns. Microsoft cut 4,800 jobs this month, mainly in its Xbox gaming division, essentially a full reset of its $75 billion acquisition of Activision Blizzard three years ago. The narrative that "AI causes layoffs" is met with skepticism in academic circles. Enrico Moretti, an economics professor at the University of California, Berkeley, notes that AI-related layoffs are more of an excuse for management to correct over-hiring during the pandemic. "Claiming AI-driven efficiency gains is easier than admitting to over-hiring back then," he said. Market pricing also contradicts this narrative: within 30 trading days of announcing layoffs, companies that attributed cuts to AI saw their stock prices underperform the Nasdaq by nearly 10%, while companies laying off for other reasons lagged by only around 4%. Amazon and Microsoft have explicitly stated that AI adoption is not a decisive factor in their layoffs. In contrast to the tech giants’ non-core business contractions, AI-native startups like Anthropic and OpenAI are still rapidly expanding their workforce, driving fast growth in AI sector employment. "What is being cut is merely all other non-core business segments."

21 minutes ago

Layer1 project Vanar will begin migrating its infrastructure to Base next Tuesday.

Layer 1 blockchain project Vanar announced that its infrastructure migration to Base will kick off next Tuesday. Users currently staking VANRY must first unstake, wait for the cooldown period to elapse before claiming their tokens. Earlier, Vanar stated that existing VANRY token holders can complete the migration at a 1:1 ratio, with their holding amounts remaining unchanged. Additionally, VANRY’s total supply will rise from 2.4 billion to 10 billion tokens, approximately 62% of which will stay locked during the migration. Once the migration is complete, staking for Vanarchain validators will be halted.

21 minutes ago

2035年数据中心将占美国电力消耗的约20%，成为下一个AI瓶颈

U.S. data center power demand is projected to surge by 253% from 2026 levels, reaching a record 194 gigawatts by 2035 — with 1 gigawatt roughly matching the capacity of a traditional nuclear reactor. Currently, data centers consume 6% of the U.S.’s annual electricity; that share is estimated to climb to around 12% by 2030, and will account for roughly 20% of total U.S. electricity consumption by 2035. Most of the growth in U.S. power demand is concentrated in a handful of grid regions, such as the PJM Interconnection, which serves Washington, D.C. and 13 states including Virginia, Pennsylvania and Ohio. Power will be the next AI bottleneck.

21 minutes ago

Citrini’s view: Korean manufacturers hold a cautious stance on the commercialization of 3D IC, while China’s ChangXin Memory Technologies is accelerating to secure niche markets via a customized approach.

Citrini analyst Jukan, citing the latest industry analysis from ZDNet Korea, notes that the AI semiconductor performance race is shifting from process miniaturization to advanced stacking technology, with 3D ICs—vertically integrating logic and memory—emerging as a key next-generation technology. Samsung Foundry has recently seen a sharp surge in inquiries for 3D ICs, with nearly every potential client asking about the technology. However, Jukan argues that 3D ICs are essentially custom DRAMs built to order, which fundamentally conflicts with the core business models of Samsung and SK Hynix, both relying on mass-producing standardized products. The two Korean giants are expected to limit their involvement to preliminary research and remain cautious about full commercialization. This structural hesitation opens an opportunity for niche players. China’s ChangXin Memory Technologies (CXMT), barred from entering the HBM market due to U.S. semiconductor restrictions, is leveraging 3D ICs as a differentiating breakthrough, choosing to target custom memory instead of competing head-on with Korean firms in the bulk DRAM segment. A South Korean semiconductor industry official stated that China has taken the lead in producing multiple 3D DRAM sample chips, and niche market players like CXMT and Winbond are likely to be the first to build this market. Analyst Jukan has also previously emphasized that NVIDIA’s CUDA moat is ending: the erosion of its software ecosystem barrier is occurring in tandem with the trend of 3D IC customization, and the next-generation AI memory competitive landscape may face a structural reshuffle.

21 minutes ago

TLDR: RWA adoption accelerated as global holders rose 190.9% year over year to 1.09 million, while Ethereum surpassed $17 billion in tokenized value. Robinhood Chain recorded 11,416.2% monthly growth and passed 244,000 RWA holders, although memecoins still dominate much of its DEX volume. Hyperliquid RWA contracts generated $25.1 billion in weekly trading volume, accounting for 52% of the decentralized exchange’s total activity. Avalanche tokenized Treasuries climbed 68% to $842 million, while Solana, BNB Chain and several smaller networks also expanded their markets. RWA adoption accelerated across major blockchain networks as tokenized assets reached new records in value, holders, and trading activity. Ethereum crossed $17 billion in tokenized real-world asset value, while Solana reached an all-time high of $3.4 billion. The number of RWA holders rose 190.9% year over year, increasing from 375,000 to 1.09 million. 

Tokenized stocks also recorded $9 billion in monthly transfer volume during June. Robinhood Chain posted the fastest monthly growth, while Avalanche expanded its tokenized Treasury market. 

RWA Adoption Drives Record Growth Across Major Blockchains Robinhood Chain led monthly network growth after its tokenized asset value increased 11,416.2% to $323.7 million. The network also passed 244,000 RWA holders, showing rapid demand for blockchain-based versions of traditional assets. Its growth followed an early period dominated by memecoins and stablecoins rather than tokenized equities.

RWA week in numbers 🐘

→ RWA holders up 190.9% YoY, from 375K to 1.09M

→ Ethereum crosses $17B in tokenized RWA value, still the largest chain by a wide margin

→ Solana hits a new all time high of $3.4B in tokenized RWA value

→ Tokenized stocks hit a $9B all time high in…

— RWA Foundation (@RWAFoundation_) July 24, 2026

Activity has since moved closer to Robinhood’s original tokenization strategy. Real-world assets now carry an active market value near $70 million, according to DefiLlama. Tokenized GameStop shares generated $26.6 million in daily volume. Nvidia reached $14 million, while SpaceX recorded $6.4 million. Twelve tokenized stocks now clear more than $500,000 daily.

Robinhood Chain still records much larger total decentralized exchange activity. Daily DEX volume has exceeded $600 million, while tokenized stocks generate about $55 million. Memecoins remain prominent across trending markets, and stablecoins still represent the network’s largest asset category. Even so, RWA adoption is gaining measurable market share.

Ethereum remains the leading blockchain for tokenized assets, with more than $17 billion in onchain value. It also controls 62.2% of the tokenized ETF market, which reached a record capitalization of $526.4 million. Solana’s tokenized RWA value climbed to a record $3.4 billion, extending competition among high-throughput networks.

Avalanche also recorded broad growth. Its total RWA market increased 22.6% to $2.5 billion. Tokenized US Treasuries rose 68% in 30 days to $842 million. BNB Chain gained 16.5% to $9.2 billion. Cardano, Tempo, Monad, Plume, Sonic, Fraxtal, and TON also posted monthly increases.

RWA Adoption Reshapes Trading Demand on Hyperliquid RWA adoption is also changing activity on decentralized derivatives platforms. Real-world asset markets became Hyperliquid’s largest trading category for the first time. RWA-linked contracts generated $25.1 billion in volume from July 13 through July 19. That represented 52% of the platform’s $48.2 billion weekly total.

Source: X Tokenized stocks, indexes, and commodities attracted more volume than all other categories combined. Individual equities represented 61% of RWA trading volume. That shift shows traders are using decentralized infrastructure beyond crypto-native tokens. The assets include links to public companies, traditional finance, and global markets.

The broader market also recorded strong product-level expansion. Onre Finance increased distributed value by 21% to $234 million, while ONYC holders rose 10% to 7,382. Chainlink CCIP distributed $400 million during the month, up 69%, highlighting rising demand for cross-chain settlement and asset movement.

RWA.xyz added several products during the week, including Mobilization Advance Program One from Hashfire. New Midas listings included Fasanara Global Open, Hyperithm BTC, mAPOLLO, and mHYPER. These additions broaden the range of tokenized credit, digital asset, and investment products available through onchain markets.

ARK Invest Digital Assets Research Director Lorenzo Valente described the shift as a new phase for decentralized finance. Circle co-founder Jeremy Allaire also framed tokenized assets as a structural market change. Continued RWA adoption will depend on liquidity, regulation, custody standards, and sustained demand from institutions and retail users. Custody standards remain uneven.

Changxin's pre-IPO price drops to $6, corresponding to an RMB share price of 40.62 yuan on its first day of listing.

According to Hyperinsight’s monitoring, the Pre-IPO contract price of CXMT (Changxin Memory Technologies, whose listed entity is Changxin Technology) on Hyperliquid has fallen to $6, with a more than 5.7% drop in 24 hours. The corresponding RMB share price stands at 40.62 yuan. Calculated based on the post-issue total share count of 66.881 billion shares, the on-chain implied market capitalization is approximately $400 billion, equivalent to around 2.7 trillion yuan. At this valuation, the subscription cost per lot of 500 shares for retail investors who win the online application is 4,330 yuan. The estimated market value of 500 shares on the first day of listing is 20,310 yuan, translating to a profit of roughly 16,000 yuan per lot.

16 minutes ago

The latest draft of the CLARITY Act includes an incentive clause for white hat hackers, proposing to offer rewards to individuals who identify security vulnerabilities.

The latest draft of the U.S. Senate’s Cryptocurrency Market Structure Act (the CLARITY Act) includes provisions encouraging white hat hackers to responsibly disclose cybersecurity vulnerabilities, proposing to authorize rewards for individuals who identify and report such flaws to bolster protection for digital asset infrastructure before they are maliciously exploited. The provision incorporates the views of former CFTC Chairman J. Christopher Giancarlo, a long-time advocate for digital asset innovation.

16 minutes ago

US tech giants have cut nearly 140,000 jobs this year, with the four leading players' AI capital expenditure totaling $725 billion.

According to statistics from the Financial Times in partnership with Challenger, Gray & Christmas, U.S. tech industry layoffs since 2026 have accounted for more than one-third of all announced layoffs nationwide. Amazon, Oracle, Meta and Microsoft alone have cut nearly 50,000 jobs, roughly 6% of their total workforce. In sharp contrast, Amazon, Alphabet, Meta and Microsoft are projected to invest a combined $725 billion in AI infrastructure such as data centers this year. After laying off staff in March, Oracle’s total headcount dropped by 21,000 for the full year; this month, S&P downgraded its credit rating, citing weak cash flow and uncertain AI returns. Microsoft cut 4,800 jobs this month, mainly in its Xbox gaming division, essentially a full reset of its $75 billion acquisition of Activision Blizzard three years ago. The narrative that "AI causes layoffs" is met with skepticism in academic circles. Enrico Moretti, an economics professor at the University of California, Berkeley, notes that AI-related layoffs are more of an excuse for management to correct over-hiring during the pandemic. "Claiming AI-driven efficiency gains is easier than admitting to over-hiring back then," he said. Market pricing also contradicts this narrative: within 30 trading days of announcing layoffs, companies that attributed cuts to AI saw their stock prices underperform the Nasdaq by nearly 10%, while companies laying off for other reasons lagged by only around 4%. Amazon and Microsoft have explicitly stated that AI adoption is not a decisive factor in their layoffs. In contrast to the tech giants’ non-core business contractions, AI-native startups like Anthropic and OpenAI are still rapidly expanding their workforce, driving fast growth in AI sector employment. "What is being cut is merely all other non-core business segments."

16 minutes ago

Layer1 project Vanar will begin migrating its infrastructure to Base next Tuesday.

Layer 1 blockchain project Vanar announced that its infrastructure migration to Base will kick off next Tuesday. Users currently staking VANRY must first unstake, wait for the cooldown period to elapse before claiming their tokens. Earlier, Vanar stated that existing VANRY token holders can complete the migration at a 1:1 ratio, with their holding amounts remaining unchanged. Additionally, VANRY’s total supply will rise from 2.4 billion to 10 billion tokens, approximately 62% of which will stay locked during the migration. Once the migration is complete, staking for Vanarchain validators will be halted.

16 minutes ago

2035年数据中心将占美国电力消耗的约20%，成为下一个AI瓶颈

U.S. data center power demand is projected to surge by 253% from 2026 levels, reaching a record 194 gigawatts by 2035 — with 1 gigawatt roughly matching the capacity of a traditional nuclear reactor. Currently, data centers consume 6% of the U.S.’s annual electricity; that share is estimated to climb to around 12% by 2030, and will account for roughly 20% of total U.S. electricity consumption by 2035. Most of the growth in U.S. power demand is concentrated in a handful of grid regions, such as the PJM Interconnection, which serves Washington, D.C. and 13 states including Virginia, Pennsylvania and Ohio. Power will be the next AI bottleneck.

16 minutes ago

Robinhood Chain's 24-hour network fee revenue reached $350,000, ranking fourth among all blockchains.

According to DeFiLlama data, Robinhood EVM Chain generated $350,000 in 24-hour network fee revenue, ranking fourth among all blockchains, trailing only Canton, Tron, and Solana. Launched on July 1, the Robinhood EVM Chain has seen its total value locked (TVL) quickly rise to $315 million. Though originally designed for on-chain stocks and ETFs, it has emerged as a major hub for meme coin activity.

16 minutes ago

US tech giants have cut nearly 140,000 jobs this year, with the four leading players' AI capital expenditure totaling $725 billion.

According to statistics from the Financial Times in partnership with Challenger, Gray & Christmas, U.S. tech industry layoffs since 2026 have accounted for more than one-third of all announced layoffs nationwide. Amazon, Oracle, Meta and Microsoft alone have cut nearly 50,000 jobs, roughly 6% of their total workforce. In sharp contrast, Amazon, Alphabet, Meta and Microsoft are projected to invest a combined $725 billion in AI infrastructure such as data centers this year. After laying off staff in March, Oracle’s total headcount dropped by 21,000 for the full year; this month, S&P downgraded its credit rating, citing weak cash flow and uncertain AI returns. Microsoft cut 4,800 jobs this month, mainly in its Xbox gaming division, essentially a full reset of its $75 billion acquisition of Activision Blizzard three years ago. The narrative that "AI causes layoffs" is met with skepticism in academic circles. Enrico Moretti, an economics professor at the University of California, Berkeley, notes that AI-related layoffs are more of an excuse for management to correct over-hiring during the pandemic. "Claiming AI-driven efficiency gains is easier than admitting to over-hiring back then," he said. Market pricing also contradicts this narrative: within 30 trading days of announcing layoffs, companies that attributed cuts to AI saw their stock prices underperform the Nasdaq by nearly 10%, while companies laying off for other reasons lagged by only around 4%. Amazon and Microsoft have explicitly stated that AI adoption is not a decisive factor in their layoffs. In contrast to the tech giants’ non-core business contractions, AI-native startups like Anthropic and OpenAI are still rapidly expanding their workforce, driving fast growth in AI sector employment. "What is being cut is merely all other non-core business segments."

27 minutes ago

Layer1 project Vanar will begin migrating its infrastructure to Base next Tuesday.

Layer 1 blockchain project Vanar announced that its infrastructure migration to Base will kick off next Tuesday. Users currently staking VANRY must first unstake, wait for the cooldown period to elapse before claiming their tokens. Earlier, Vanar stated that existing VANRY token holders can complete the migration at a 1:1 ratio, with their holding amounts remaining unchanged. Additionally, VANRY’s total supply will rise from 2.4 billion to 10 billion tokens, approximately 62% of which will stay locked during the migration. Once the migration is complete, staking for Vanarchain validators will be halted.

27 minutes ago

2035年数据中心将占美国电力消耗的约20%，成为下一个AI瓶颈

U.S. data center power demand is projected to surge by 253% from 2026 levels, reaching a record 194 gigawatts by 2035 — with 1 gigawatt roughly matching the capacity of a traditional nuclear reactor. Currently, data centers consume 6% of the U.S.’s annual electricity; that share is estimated to climb to around 12% by 2030, and will account for roughly 20% of total U.S. electricity consumption by 2035. Most of the growth in U.S. power demand is concentrated in a handful of grid regions, such as the PJM Interconnection, which serves Washington, D.C. and 13 states including Virginia, Pennsylvania and Ohio. Power will be the next AI bottleneck.

27 minutes ago

Robinhood Chain's 24-hour network fee revenue reached $350,000, ranking fourth among all blockchains.

According to DeFiLlama data, Robinhood EVM Chain generated $350,000 in 24-hour network fee revenue, ranking fourth among all blockchains, trailing only Canton, Tron, and Solana. Launched on July 1, the Robinhood EVM Chain has seen its total value locked (TVL) quickly rise to $315 million. Though originally designed for on-chain stocks and ETFs, it has emerged as a major hub for meme coin activity.

27 minutes ago

Citrini’s view: Korean manufacturers hold a cautious stance on the commercialization of 3D IC, while China’s ChangXin Memory Technologies is accelerating to secure niche markets via a customized approach.

Citrini analyst Jukan, citing the latest industry analysis from ZDNet Korea, notes that the AI semiconductor performance race is shifting from process miniaturization to advanced stacking technology, with 3D ICs—vertically integrating logic and memory—emerging as a key next-generation technology. Samsung Foundry has recently seen a sharp surge in inquiries for 3D ICs, with nearly every potential client asking about the technology. However, Jukan argues that 3D ICs are essentially custom DRAMs built to order, which fundamentally conflicts with the core business models of Samsung and SK Hynix, both relying on mass-producing standardized products. The two Korean giants are expected to limit their involvement to preliminary research and remain cautious about full commercialization. This structural hesitation opens an opportunity for niche players. China’s ChangXin Memory Technologies (CXMT), barred from entering the HBM market due to U.S. semiconductor restrictions, is leveraging 3D ICs as a differentiating breakthrough, choosing to target custom memory instead of competing head-on with Korean firms in the bulk DRAM segment. A South Korean semiconductor industry official stated that China has taken the lead in producing multiple 3D DRAM sample chips, and niche market players like CXMT and Winbond are likely to be the first to build this market. Analyst Jukan has also previously emphasized that NVIDIA’s CUDA moat is ending: the erosion of its software ecosystem barrier is occurring in tandem with the trend of 3D IC customization, and the next-generation AI memory competitive landscape may face a structural reshuffle.

27 minutes ago

A whale holding a 40x leveraged long Bitcoin position worth nearly $40 million was stopped out after just 18 hours.

According to on-chain analyst Ai Yi (@ai_9684xtpa), a whale that opened a 40x leveraged long BTC position worth $38.67 million starting last night cut its losses after holding the position for just 18 hours, suffering a single loss of $368,000. The whale’s entry price was $64,469, with a stop-loss set at $63,859, triggering an immediate stop-loss after BTC dropped by just 1%.

27 minutes ago

Crypto Payments Firm Triple-A Hit by $9.7 Million Wallet Drain

Here's the latest from the Core Team amid the struggles of the project's native token.

Pi Network’s team announced earlier today that it has completed the distribution of its second testnet token, called Slice, through the Pi Launchpad.

The statement also outlined how users (known as Pioneers) can take advantage of and explore its functionalities.

SLICE Distributed Recall that the initiatives around testnet tokens began on PiDay 2026 (March 14), and nearly 480,000 users took part in the Launchpad testing. According to the team, they generated “valuable feedback on the Launchpad mechanism,” which was incorporated into a simpler participation flow, updated mechanics, and an improved user experience.

To build on top of the initial progress, Pi Network launched a second testnet token called Slice in June. Testing began on June 12 and remained open until June 28 (Pi2Day). Although it has been almost a month since then, the team remained quiet on the SLICE front until earlier this morning.

In a post on X, they announced the successful distribution of the testnet token and urged users to explore the “post-launch experience and see how liquidity pools work through the new price tracking feature.” They explained that the Launchpad app in the Pi Browser shows individual allocation details, the launch and effective token prices, access to the SLICE liquidity pool, and a chart tracking changes in the asset’s price relative to test-Pi (the other testnet token).

PI’s Weird Price Moves The official native token of the project has been quite volatile lately, mostly heading downhill. It plunged to a new all-time low of $0.07 a couple of weeks ago after it lost the coveted $0.10 support. After a few unsuccessful breakout attempts, it finally rocketed by 20% daily last Sunday and challenged the same level but from the downside.

However, the resistance now was too strong, and PI failed in its tracks. Another major leg down came yesterday when it plummeted by over 10% to $0.082 after some warning signs hinted at an upcoming rejection.

Meanwhile, some users have complained online that they have detected strange activity in their Pi Wallets, including missing tokens and countless failed transactions to unknown addresses.

Tags:

According to EmberCN’s monitoring, the Worldcoin Foundation sold 217 million WLD tokens to institutions including Pantera Capital roughly 8 hours ago, securing approximately $52.5 million in funding. The Worldcoin Foundation had not previously disclosed the specific sale price, but following the announcement, the team wallet transferred around 217.4 million WLD tokens to multiple addresses. Calculated based on the token volume and financing amount, the sale price came to roughly $0.24 per token, a roughly 36% discount to WLD’s current market price. The sold WLD tokens are subject to a 1-year lock-up period, with institutional investors gaining trading eligibility once the lock-up period expires.

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Shenzhen announces multiple cases of illegal self-media accounts related to virtual currency, which were shut down for inducing participation in illegal financial activities.

The People's Bank of China Shenzhen Branch, Shenzhen Securities Regulatory Bureau, Shenzhen Internet Information Office, and Shenzhen Local Financial Regulatory Bureau recently jointly launched a special rectification campaign on online information in the financial sector, and announced a number of typical cases of illegal self-media accounts involving virtual currency and illegal stock recommendation. Multiple accounts were dealt with for illegally publishing virtual currency-related marketing and promotional information, including accounts such as "USDT Merchant Exchange Group", "Gather to Play Virtual Currency", "Search Bitcoin", "WePay Quick Exchange", and "Zhonglian Laojiu". These accounts are suspected of promoting virtual currency services to domestic users and inducing the public to participate in illegal financial activities related to virtual currency. Authorities stated that in accordance with policy requirements such as the "Notice on Further Preventing and Dealing with Risks Related to Virtual Currency and Other Issues", the above-mentioned illegal accounts have been permanently closed by platforms in accordance with laws and regulations and relevant agreements. Shenzhen authorities said they will continue to strengthen the governance of online financial information, crack down on illegal and irregular activities such as virtual currency speculation and illegal stock recommendation, and maintain the order of the financial market.

1 seconds ago

U.S. Ethereum ETFs end five consecutive days of net inflows, but remain in net inflows for the third straight week.

U.S. spot Ethereum ETFs posted a net outflow of $70.7 million yesterday, ending their prior five consecutive trading days of inflows. Between July 17 and 24, Ethereum ETFs saw a cumulative net inflow of $211.25 million. Despite Friday’s negative flow, Ethereum ETFs still notched a weekly net inflow of $103.9 million by week’s end, marking their third straight week of inflows. Since July, Ethereum ETFs have accumulated a net inflow of $337.74 million. Bitcoin ETFs also experienced outflows: U.S. spot Bitcoin ETFs had a net outflow of $240.08 million on Friday, ending a seven-day inflow streak that began on Thursday. Even so, Bitcoin ETFs recorded a weekly net inflow of $103.9 million, with a cumulative net inflow of $233.96 million since July, marking their third consecutive week of inflows. BTC is currently trading around $64,000, while ETH stands at approximately $1,854, below this week’s high of $1,954.

1 seconds ago

MORPHO surged more than 13% in a short period before pulling back, with its current market capitalization standing at $1.172 billion.

Likely driven by news that Upbit will list the MORPHO/KRW trading pair, MORPHO surged over 13% in a short time before pulling back, currently trading at $2.024 with a market cap of $1.172 billion.

1 seconds ago

Upbit will list the MORPHO/KRW trading pair, with trading opening at 18:00 on July 25.

Crypto trading platform Upbit announced that it will list MORPHO (Morpho) on its South Korean won (KRW) market at 18:00 on July 25, with support for the Ethereum network. The platform stated that after MORPHO trading goes live, buy orders will be restricted within approximately 5 minutes; for roughly 2 hours following the listing, all order types except limit orders will be restricted.

1 seconds ago

Crypto industry losses reached approximately $1.32 billion in the first half of 2026, with access control vulnerabilities emerging as the largest source of attacks.

According to Onchain Lens statistics, the crypto industry recorded 224 publicly disclosed security incidents in the first half of 2026, with cumulative losses totaling approximately $1.32 billion. Among these, "access control vulnerabilities" caused the largest losses, as multiple large-scale attacks originated from compromised permission management or breached private key/admin privileges. The affected projects include: Kelp DAO ($292 million in losses), Drift Protocol ($280 million), Humanity Protocol ($31 million), Step Finance ($30 million), Truebit ($26.5 million), Resolv Labs ($25 million), AFX ($24.15 million), and BonkDAO ($21 million). Additionally, phishing and social engineering attacks resulted in around $282 million in losses; oracle-related attacks impacted Ostium ($24 million), Blend Protocol ($10.86 million), and Bonzo ($9 million). Data shows that a small number of large-scale attacks accounted for the majority of total losses. Permission management, user security education, and oracle risks remain key areas for the crypto industry’s security protection in 2026.

1 seconds ago

Trump is anxious over the Iran war, as the conflict enters its fifth month with no signs of ending.

U.S. President Donald Trump is growing increasingly dissatisfied with the escalating Iran conflict. The conflict, originally expected to end within weeks, has entered its fifth month. Ongoing military operations have driven up energy prices and could impact the Republican Party’s performance in the November midterm elections. Sources say Trump is frustrated with the conflict’s progress and is seeking to exert greater pressure on Iran. Since the collapse of the ceasefire agreement, U.S. forces have carried out continuous strikes against Iran, with operations now in their 13th consecutive day, leaving 18 U.S. service members dead. Trump stated that the U.S. is "fully prepared" but remains in communication with Iran, adding that Iran is becoming "increasingly serious." However, analysts note Trump faces multiple challenges: a troop withdrawal would trigger political pressure, escalating operations could expand risks, and previous negotiations failed to reach a long-term peace agreement. The escalating conflict has roiled global energy markets, with Brent crude oil prices briefly topping $100 per barrel this week, and U.S. gasoline prices rising in tandem. Meanwhile, Iran-backed Houthi attacks on Red Sea shipping have further complicated the regional situation. Analysts believe both the U.S. and Iran have the capability to sustain the conflict, which may enter a prolonged phase of attrition. The Trump administration aims to force Iran back to the negotiating table via military pressure, but has not yet found a clear exit strategy.

1 seconds ago

World, the online identity-verification venture co-founded by OpenAI CEO Sam Altman, raised $52.5 million through a token sale of Worldcoin (CRYPTO: WLD) on Friday, drawing strategic investors under a 12-month lockup.

Long-Term Bet From Crypto HeavyweightsWorld, operated by Tools for Humanity and led by CEO Alex Blania, verifies users through Orb devices that scan their irises to issue a World ID. The digital identity is designed to distinguish real people from bots online.

What You Should KnowThe token sale follows Grayscale Investments‘ July filing for a spot Worldcoin ETF under ticker “GWLD.”

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Nine major Bitcoin institutions have now joined forces to protect the infrastructure behind the asset they collectively depend on. Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy and Strategy have launched the Bitcoin Security Consortium with combined funding commitments of $15 million over the next three years.

The initiative is being coordinated by Brink, the nonprofit supporting Bitcoin’s open-source developers, with Executive Director Mike Schmidt managing the Consortium’s day-to-day work as a volunteer.

Today nine institutions including BlackRock, Fidelity, Coinbase, and Strategy announced the Bitcoin Security Consortium (@BTCconsortium), pledging $15M toward Bitcoin security work over the next three years. I've agreed to help coordinate the group's work as a volunteer.

I said…

— Mike Schmidt (@bitschmidty) July 23, 2026 Why This Matters NowThe launch reflects a major shift in how institutional players view Bitcoin development. For companies holding billions of dollars in Bitcoin exposure, funding the developers responsible for maintaining the network is increasingly becoming a form of risk management.

BlackRock Global Head of Digital Assets Robert Mitchnick said Bitcoin Core developers perform “incredibly important work” and that the group would provide “significant additional funding” for Bitcoin’s long-term security.

The Consortium’s focus is not simply on improving Bitcoin today. It is also preparing for threats that may still be years away.

The Quantum ChallengePost-quantum cryptography has emerged as the group’s main funding priority. Quantum computers capable of breaking Bitcoin’s existing cryptographic protections do not currently exist, but the possibility has become an important long-term concern for the technical community.

The Consortium will support developers and researchers already working on potential solutions rather than decide how Bitcoin itself should evolve.

That distinction is important because the group has no authority over Bitcoin’s protocol.

Funding Without Buying InfluenceThe nine members will not place their pledges into one central pool controlled by the Consortium. Instead, each institution will independently decide where its funding goes, including developers, researchers and organizations supporting Bitcoin’s security.

The Consortium will also take no position on specific protocol upgrades and will not speak on behalf of Bitcoin or its developers.

Its role is therefore closer to a funding and information network than a lobbying organization.

Strive Adds to the Institutional PushThe timing also stands out. One day before the Consortium was announced, Strive, Inc. unveiled its own Bitcoin Stewardship Commitment and directed initial support through Brink.

Strive is not one of the nine founding members, but both announcements point to Brink becoming an increasingly important channel for companies seeking to support Bitcoin’s open-source infrastructure.

What Comes NextThe $15 million pledge signals that Bitcoin security is becoming a boardroom issue. However, the commitment currently covers only three years, while quantum-safe upgrades could require much longer-term funding. The bigger test will be whether these institutions renew their support once the initial pledge period ends.

For now, the Consortium creates a new model for institutional Bitcoin involvement. The companies with the most exposure to Bitcoin are funding the network’s security, while deliberately avoiding direct control over its development.

That balance could become increasingly important as institutional ownership grows and Bitcoin’s future security becomes too financially important to leave entirely to short-term funding cycles. 

Story Ends Here

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ONDO and LIT are today's largest losers once agian, while ZEC has decisively broken below $500.

After gaining several grand and peaking at $67,000 earlier this week, bitcoin faced an immediate rejection and dipped below $64,000, where it currently struggles.

Most larger-cap alts are also in the red on a daily scale now, with ETH slipping to $1,850, XRP fighting for the $1.10 support, and ZEC dropping by 6%.

BTC Falls to $64K On the surface, the past week appeared quite positive for the primary cryptocurrency given the overall market sentiment. After dipping to $63,750 on Monday, the asset went on a highly successful run and soared to $67,000 on Tuesday evening for the first time in over a month. Some of the reasons behind this jump included renewed ETF net inflows and new purchases from whales.

However, the fragile market state failed to provide more rally support, and BTC went downhill in the following days. It dropped to $64,750 on Thursday, before it jumped by a grand on Friday morning. However, another rejection followed, which is rather typical for Fridays in the past several weeks, and BTC dipped by $2,000 after US President Trump warned the EU about a new set of tariffs.

Bitcoin has been unable to stage a notable recovery since then and remains struggling at around $64,000 as of press time. Its market capitalization has dipped to $1.285 trillion, while its dominance over the altcoins has rebounded slightly to 56.3%.

BTCUSD July 25. Source: TradingView WLD Dumps Worldcoin’s native token is the poorest performer today, plunging by over 10% to $0.34. Interestingly, this major decline comes after the project announced a successful fundraiser for $52.5 million to expand its World ID infrastructure. The other big losers today are ONDO (-7%), LIT (-6.3%), and ZEC (-6%). The privacy coin has dropped further away from the $500 mark.

The larger-cap alts are also in the red, albeit in a 1-2% manner. ETH is below $1,860, XRP is beneath $1.10, SOL is down to $74, while HYPE has slipped to $57. XMR continues to be among the few altcoins charting some gains. A 2.4% jump has pushed it to $365.

The total crypto market cap has lost around $20 billion daily and is down to $2.280 trillion on CG.

Cryptocurrency Market Overview July 25. Source: QuantifyCrypto

James Wynn trimmed his short position in the S&P 500, netting just $45 in profit, and currently holds a short position worth $857,600.

According to monitoring by Onchain Lens, trader James Wynn realized a profit of approximately $45 after closing a portion of his S&P 500 Index short positions. Data shows James Wynn opened 80.44 SP500 short contracts yesterday, valued at around $599,000; he closed 42.19 of them today, worth about $312,600. He currently holds 115.68 SP500 short contracts, valued at roughly $857,600, with an unrealized loss of approximately $192 at present. It is reported that over the past month, James Wynn has been liquidated multiple times due to his SP500 short positions, yet he has continued to add to his short positions. His cumulative historical profit and loss (PnL) stands at a loss of about $23.4 million. The wallet address is 0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6.

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Whale deposits 557,902 $HYPE ($32.87M) from FalconX into Hyperliquid for staking

Another whale received 557,902 $HYPE ($32.87M) from #FalconX and deposited it into Hyperliquid for staking.

4 minutes ago

A crypto whale received 557,902 HYPE tokens from FalconX and deposited them for staking on Hyperliquid.

According to Lookonchain's monitoring, a whale address received 557,902 HYPE tokens from FalconX, currently valued at approximately $32.87 million. Subsequently, the whale deposited all the HYPE tokens into Hyperliquid for staking.

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A crypto whale deposited $39.2 million worth of assets as collateral on Aave, and has not yet taken out any loans.

According to monitoring by Onchain Lens, a whale address deposited assets worth approximately $39.2 million into Aave over the past four hours and set them as collateral. The address’s current Aave position includes 18,000 ETH (valued at around $3.34 million) and 5.78 million USDC. To date, the address has not borrowed any funds using the collateral, with a lending balance of zero. On-chain data shows the whale address is 0xA92C80B3962F10e063Ad5463f996fe414F0E1F66.

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CNN: After 13 consecutive nights of strikes on Iran, the U.S. military has not announced any new airstrikes targeting Iran.

According to CNN, over the past nearly two weeks, the U.S. Central Command (CENTCOM) has launched strikes against Iran almost daily. However, on Friday (this morning Beijing time), the U.S. military did not announce any strikes against Iran. For the previous 13 consecutive nights, CENTCOM posted on social media that it was targeting military sites inside Iran. No such announcement was issued on Friday evening Eastern Time. It remains unclear whether this means CENTCOM did not conduct military operations against Iran on Friday.

4 minutes ago

NVIDIA CEO Jensen Huang met with South Korea's President over a beer, as NVIDIA partners with SK Group on a $500 billion AI initiative.

South Korean President Lee Jae-myung, during his visit to Silicon Valley, held a "beer summit" with global AI leaders, as Samsung Electronics and SK Hynix signed major multi-billion-dollar deals with leading U.S. technology companies. According to South Korea’s Presidential Office Policy Office, local conglomerates have reached agreements with global tech giants including Nvidia for a series of cooperation projects totaling $950 billion. Under the deals, SK Group will supply high-performance semiconductors worth $750 billion to global tech firms including Nvidia, while Samsung Electronics will provide chips worth $200 billion to Broadcom. Nvidia announced this Friday that it will partner with South Korea’s SK Group on an AI initiative valued at over $500 billion, covering large-scale AI data center construction and next-generation memory technology. The plan includes a long-term partnership with SK Hynix, designed to secure next-generation memory supplies for Nvidia and co-develop high-bandwidth memory (HBM) for AI training, AI agents, and physical AI applications. SK Telecom plans to build a 2-gigawatt (GW) AI data center that will use Nvidia’s Vera Rubin chips and SK Hynix’s HBM4 high-bandwidth memory, with the first facility expected to become operational in 2027.

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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.

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.

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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.

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Strive’s SATA preferred shares have rebounded from a June low of $83.30 to about $97, recovering most of the selloff and moving back within roughly 3% of their $100 par value, according to Yahoo Finance data.

Strive introduced SATA in November 2025 as part of its strategy to finance the expansion of its Bitcoin treasury through preferred equity. The variable-rate perpetual preferred stock is intended to trade near its $100 par value by adjusting its dividend rate, allowing Strive to raise capital for its Bitcoin (BTC) treasury without issuing additional common shares.

SATA is one of a growing number of preferred-share products tied to Bitcoin treasury strategies, an emerging segment that companies such as Strategy describe as “digital credit.”

Strategy’s STRC, launched in 2025 with a similar objective of maintaining a $100 share price through a variable dividend, also fell sharply during the late-June selloff before recovering, though it continues to trade below par at around $87.

SATA year-to-date price chart. Source: Yahoo Finance

While Strategy remains the world’s largest public corporate Bitcoin holder with 843,775 BTC, Strive has climbed to seventh place with 19,921 BTC, according to BitcoinTreasuries.NET.

Top 10 Bitcoin treasury companies. Source: BitcoinTreasuries.NET

SATA recovery could help lift Strategy’s STRC, says MowJan3 founder and CEO Samson Mow told Cointelegraph that recent adjustments by Bitcoin treasury companies are beginning to restore confidence in preferred-share products, supporting his view that Bitcoin has already found its bottom.

“I think every action that Strategy has undertaken to strengthen their balance sheet and encourage STRC to go back to par is also working,” Mow said, adding:

But everything sort of works in tandem. I think as SATA returns to par, you’re going to see STRC return to par too, because people say, ‘OK, this model’s not broken.’ Everyone is capitalized for three or more years of dividend payments... there was no reason to panic all along.Mow said the improving performance of preferred-share products is part of a broader shift in the Bitcoin treasury sector, where companies have continued refining their capital-raising strategies. 

He pointed to Lyn Alden’s Orange Juice treasury company, which launched on July 15 with plans to operate a Bitcoin treasury, as another example of firms entering the market with different approaches and a lower Bitcoin cost basis.

Samson Mow interview with Cointelegraph. Source: Cointelegraph

Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards

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

Bitcoin [BTC] faced minor losses in recent days of trading. Its spot ETF inflow streak, the longest in nine months, has just been broken by a $225.1 million outflow on Thursday, July 23.

Bitcoin was still trading within a long-term bearish price trend. The bulls’ inability to break out past the $67k local supply zone has given control of the market back to the bears.

Here’s what that means for investors

Bitcoin MVRV and realized losses point toward THIS Source: CryptoQuant The MVRV ratio, when above 1, shows that the aggregate holder is still in profit. Historically, the depths of bear markets have only been reached when the MVRV falls below 1.

Crypto analyst Rei Researcher pointed out that this was not the case so far in the current cycle. The market was far from bullish overheated territory, but not quite yet at bear market bottom.

Onchain data showed that the cyclical capitulation might not have ended yet. The recent bounce may have offered some long-term holders an opportunity to reduce exposure ahead of any further weakness.

Source: CryptoQuant Analyst The Chess Onchain observed that the Bitcoin supply in profit was currently at 57.5%. The 30-day average of the long-term holder SOPR must reclaim 1.0 to reliably mark the end of a bear trend. This metric is at 0.86 now.

With this occurrence as a historic bar, the analyst found that the supply in profit metric was at atleast 64%. Until the metric climbs back above these levels and stays there for a few weeks, any seeming price recovery can be considered to happen within a bearish regime.

Additionally, when the price bounce began in early June, BTC older than six months spiked to 12%-16% of exchange inflows, and has since fallen to 0.8%.

A cohort of holders that bought between 1 month and two years ago have their cost basis in the $72k-$102k window.

The supply overhang is another threat to any sustained recovery. Therefore, another wave of selling and a deeper capitulation to force these holders to sell is a possibility traders and investors must be prepared for.

The data suggests Bitcoin has not yet exited its broader bearish regime.

Final Summary The Bitcoin MVRV ratio has not yet fallen below 1.0, which has tended to mark bear market bottoms in previous cycles. This time might be different, but the supply in profit and LTH SOPR metrics also pointed to the same thing- the current price bounce comes within a bearish regime.

Table of contents

Michael Saylor didn’t just announce a dashboard. He published a balance sheet with an address. Strategy’s new MSTR-BTC interface, unveiled Thursday, is less a tool for shareholders and more a declaration: corporate Bitcoin holders no longer get to hide behind opaque treasury disclosures. The numbers, pulled straight from the blockchain, are unambiguous. The company holds 843,775 BTC valued at $54.88 billion, priced at $65,035 per coin, according to the original report.

This isn’t a marketing splash. It’s a structural shift in how public companies can verify digital asset reserves. The dashboard doesn’t rely on quarterly attestations or delayed SEC filings. It ties the treasury directly to on-chain data and capital structure metrics, displaying gross reserves of $58.1 billion, net reserves of $35.88 billion, and a market-based net asset value (mNAV) ratio of exactly 1.00x. For CFOs watching from the sidelines, that level of granularity changes the conversation.

A Corporate Treasury Built on Public Verification Strategy’s move arrives at a moment when institutional Bitcoin adoption is accelerating, yet regulatory uncertainty still hangs over how companies account for digital assets. The dashboard’s numbers tell a specific story: year-to-date BTC yield sits at 5.8%, representing a gain of 39,325 BTC — roughly $2.56 billion in dollar terms since January. That’s not paper profit from a rising price; it’s net Bitcoin accumulation relative to diluted shares outstanding.

Saylor has spent years framing Bitcoin as a superior treasury reserve asset. Now the company is proving the thesis with data that anyone can audit. The dashboard scrubs away the vagueness that once made corporate Bitcoin holdings a black box. If more firms follow this model, the market’s understanding of treasury risk shifts from trust-me filings to verifiable on-chain proof.

But this transparency cuts both ways. A 1.00x mNAV tells investors the market values Strategy’s Bitcoin holdings at their spot price, with zero premium for the operating business or future acquisitions. That’s a signal the market is pricing the company purely as a levered Bitcoin play — not a software firm. For longtime bulls, that’s validating; for those waiting for a diversification narrative, it’s a reality check.

The Transparency Standard Nobody Asked For Corporate Bitcoin treasuries are still a niche. Tesla, Block, and a handful of public miners hold significant positions, but none publish a live dashboard with this level of detail. Strategy is essentially setting the benchmark without any regulatory mandate, creating a market expectation that could pressure other firms to follow. If a company holds over $1 billion in Bitcoin and doesn’t provide comparable on-chain verification, that silence might start to look strategic.

This dynamic parallels what happened with stablecoin reserves a few years ago. Transparency became a competitive advantage, then a baseline requirement. In the corporate treasury arena, Strategy is doing the same. The dashboard’s timing also matters. A recent push for clearer crypto accounting rules in the U.S. has been stalled by banking interests, a conflict detailed in our coverage of the biggest crypto bill facing Senate resistance. Until legislation resolves, voluntary transparency becomes the strongest signal.

The dashboard doesn’t just list holdings; it connects debt structure to Bitcoin assets. Net reserves subtract obligations, giving bondholders and equity investors a clearer view of leverage. That’s especially relevant as tokenized real-world assets expand, with on-chain RWA markets crossing $20 billion and blurring the line between traditional finance and crypto collateral. When a corporate Bitcoin treasury is that transparent, using it as collateral becomes easier — and more dangerous if over-leveraged.

The Parts the Dashboard Can’t Show What’s missing from the MSTR-BTC interface is a volatility adjustment for the underlying asset. Bitcoin’s price at $65,035 gives a clean valuation, but anyone who watched the 2022 drawdown knows that $54.88 billion can quickly become $35 billion without any change in Strategy’s conduct. The dashboard’s elegance might obscure the fact that the reserve value is a moving target, not a stable number.

There’s also a governance question. The dashboard assumes Bitcoin is a permanent treasury asset, but strategy shifts happen. If a future board decides to sell part of the stack, the real-time nature of the interface could amplify market panic. Transparency is a double-edged sword when the underlying asset is that volatile and that liquid.

Still, for an asset class still fighting for legitimacy among corporate treasurers, Strategy’s move is aggressively normalizing. It’s borrowing the language of public company investor relations and applying it to an asset that many still dismiss. And it’s happening while institutions are quietly building out infrastructure — from institutional staking surges on networks like Sui to tier-one banks testing tokenized settlement. The dashboard fits into that larger picture, whether regulators are ready or not.

Strategy didn’t invent corporate Bitcoin holding. But with one interface, it just made holding it quietly look like a decision not to be transparent. That might be the dashboard’s biggest impact: not the data it shows, but the standard it imposes on everyone else.

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.

THE BLOCK: Bitcoin Policy Institute, Palantir and Anduril join US State Department's Freedom Tech Excellence Program

Two of the market’s least favorite party crashers showed up at the same time. Oil prices have surged past $100 per barrel and the US 10-year Treasury yield is sitting near 4.71%, forming a one-two punch that has investors across equities and crypto reassessing just how much longer this rally can hold together.

Bitcoin dropped to around $65,500 on July 23 as the macro pressure mounted. For an asset that thrives on loose financial conditions and abundant liquidity, the current environment reads like a list of things it doesn’t want to see.

The macro squeeze tightening around risk assets Brent crude futures climbed above the triple-digit mark in mid-to-late July, driven by ongoing geopolitical tensions. That kind of sustained energy price spike feeds directly into inflation readings, which feeds directly into Federal Reserve decision-making, which feeds directly into how much pain risk assets absorb.

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The 10-year Treasury yield at approximately 4.71% tells a parallel story. When you can park money in government bonds and earn close to 5% risk-free, the calculus for holding volatile assets changes dramatically. Why sit in Bitcoin, which pays no yield whatsoever, when Treasuries are offering their most attractive returns in years?

The Federal Reserve is now weighing whether to maintain or even increase policy rates in response to the inflation expectations that higher oil prices have fueled.

Why crypto feels this more than most Bitcoin and other digital assets sit at the far end of the risk spectrum. They produce no cash flow, pay no dividends, and generate no interest income. In a world where safe assets suddenly offer competitive returns, capital tends to migrate toward certainty.

Historical trends show that spikes in oil prices have consistently correlated with reduced investor confidence in crypto markets. Higher energy costs tighten financial conditions broadly, and when liquidity contracts, the most speculative assets tend to get hit first and hardest.

It’s worth noting that Bitcoin miners also face direct headwinds from higher energy prices. Mining operations are extraordinarily energy-intensive, and when electricity costs rise in tandem with oil, the economics of mining deteriorate. That can lead to reduced hash rate and additional selling pressure as miners liquidate holdings to cover operational costs.

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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 (BTC) appears to be entering the early stages of a potential bottoming process, with on-chain data showing signs of accumulation amid broader market pressure, according to Glassnode in a Friday report.

The Q3 report, written in collaboration with Coinbase Institutional, maintains a neutral outlook for the quarter. The firms suggest that Bitcoin is transitioning from a corrective phase toward accumulation while a firmer macro liquidity backdrop continues to weigh on the market.

Glassnode stated that the market remains under pressure from a firmer macro liquidity backdrop, with Bitcoin's price staying more dependent on the liquidity cycle than on crypto-specific catalysts.

The report states that the market should not yet be considered to have established a durable low. The current environment can instead be observed as the “early innings of a bottoming process.”

Crypto market cap dipped in Q2 as stablecoin supply reaches record highsGlassnode stated that the broader crypto market experienced a difficult second quarter, with the total market cap falling by around 12%. The sustained correction phase fueled the drop throughout the quarter as risk appetite remained subdued.

However, stablecoin supply reached record highs during the period, with the sector's dominance also seeing a notable increase. The contrast with stablecoins signaled investors were rotating into stablecoins to wait out market volatility while remaining within the crypto ecosystem.

Bitcoin’s performance has also increasingly diverged from its historical cycle patterns. The report noted that the current cycle, which began in 2022, has now passed 42 months and began to diverge from the 2015-18 cycle in the first quarter of 2025 as long-term holders reduced risk.

The top crypto has also become less correlated with US equities. BTC daily return correlation with the S&P 500 fell to 0.12 in Q2 2026, down sharply from 0.58 in Q4 2025.

At the same time, Bitcoin's correlation with gold increased to 0.57. The report claims the shift reflected Bitcoin’s growing sensitivity to the same real-rate and liquidity forces affecting traditional stores of value.

Bitcoin accumulation rises amid reduced speculative activityBitcoin also continues to show signs that it may be moving toward an accumulation phase. Glassnode stated that BTC’s MVRV ratio approached 1 in Q2, a level historically associated with undervaluation and accumulation zones.

Meanwhile, the share of Bitcoin supply held in profit fell below its lower statistical band, placing the asset firmly within a historical accumulation zone heading into Q3.

The structure of Bitcoin’s supply also points to reduced speculative activity. BTC that last moved within the previous three months fell to multi-year lows, while the share of supply that had remained dormant for more than a year increased.

“This combination of thinning speculative activity and rising long-term holder conviction is more consistent with an accumulation phase rather than a distribution one,” the report said.

Bitcoin investor sentiment, however, remains weak. Entity-adjusted NUPL fell from its optimism band into the fear zone by the end of Q2 and is now close to the “Capitulation” band.

BTC's derivatives market also remains relatively restrained, with open interest well below its late-2025 peak, keeping leverage subdued.

Glassnode warned that risks remain, including renewed ETF outflows, another deleveraging event and a break of key support.

Bitcoin is trading at $64,140, down 1.6% over the past 24 hours at the time of writing.

Since the October 2025 peak, Bitcoin has failed to sustain an uptrend, falling 48% from its ATH. Amid this extended market weakness, long-term holders, especially institutions, have seen their losses skyrocket. 

 The rising losses have pushed many of these firms to a breaking point, and they are not only capitulating but also walking away. 

KULRTech dumps $9 million in Bitcoin Treasuries that rushed to accumulate Bitcoin [BTC] from late 2024 and 2025, fearing they would miss out, have found themselves operating at a loss. 

Others were pushed to capitulate to avoid more losses, and one such Bitcoin treasury company is KULRTech.

KULRTech has been aggressively dumping its BTC over the past months. According to Arkham data, KULRTech transferred 145.8 BTC worth $9.45 million to Coinbase Prime.

Source: Arkham After multiple transfers, its holdings of 1,021 BTC worth $101 million now have only 100 BTC worth $6.47 million left.

In its selling spree, the company has mostly exited at a loss. AMBCrypto earlier reported that KULR Bitcoin holdings saw over $18 million in losses. 

Now with only 100 BTC left, it seems the company is on the verge of completely exiting its position. Thus, if weakness continues, the company is likely to sell and exit the market entirely.

Source: Yahoo Finance Even more impactful for KULRTech, the company’s stock value was hit the hardest by extended Bitcoin poor performance. 

Yahoo Finance data showed that the company’s stock declined 78% from its ATH of $43 recorded after it announced its BTC investment. As of this writing, the firm’s stock value was around $2.7.

Treasuries holdings value plunges $47 billion from 2025 peak KULR Technology Group, Inc is one of the many Bitcoin treasury companies operating at a loss. Also, it joins a long list of these firms aggressively selling.

Interestingly, while Treasury companies have increased their holdings in 2026, they have yet to reclaim peak value.

Source: CoinGlass In 2025, Bitcoin treasury companies held 1.02 million BTC worth approximately $128.5 billion at the peak. Now, these firms hold 1.25 million BTC worth $81.5 billion, marking a $47 billion drop from the 2025 peak.

Thus, although holdings have increased by 230k BTC, the value remains extremely low, signaling rising losses. For example, Strategy is currently operating on $9 billion in losses.

With these major investors holding at a loss and continually selling, the Bitcoin market still remains at extreme risk. Thus, fear from treasuries could drive continued market weakness, further reducing the capital that BTC relied on significantly for the 2024-2025 rally.

Final Summary KULR Technology Group transferred 145.8 BTC worth $9.45 million to Coinbase Prime, reducing total holdings to 100 Bitcoin.  Bitcoin treasuries have increased holdings by 230k BTC since October 2025, but value dropped from $128 billion to $81 billion. 

MARA Holdings CEO Fred Thiel has made the quiet part loud: AI data centers make more money per unit of electricity than Bitcoin mining. And rather than just acknowledging that reality, his company is restructuring its entire business around it.

The result is a partnership with Starwood Capital Group to repurpose MARA’s existing mining sites into AI and high-performance computing infrastructure, initially targeting roughly 1 GW of capacity with plans to scale beyond 2.5 GW. MARA’s stock surged 17% on the news.

The math behind the pivot AI workloads can generate approximately $25 per kWh, according to industry figures cited in MARA’s strategic communications. That figure dramatically outpaces what Bitcoin mining returns per unit of power. Thiel put it bluntly: “AI companies pay much more per electron compared to mining.”

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MARA controls over 4 GW of energy capacity, making it one of the largest power portfolios in the digital infrastructure space.

The company has even coined a term for its transitional model: “mullet data centers.” Bitcoin mining continues running on existing hardware while sections of each facility get converted to handle AI workloads, keeping revenue flowing during the buildout phase rather than going dark for a full retrofit.

Why MARA is selling Bitcoin to fund the shift MARA recently sold around 20,000 BTC to repay debt and bonds. The Starwood Capital partnership, announced on February 26, 2026, brings institutional real estate capital to the table. Thiel has framed electricity, which he calls “the biggest cost item,” as commanding a premium when directed toward AI computation that the mining business cannot match.

What this means for investors The 17% stock price jump following the Starwood announcement reflects a market reacting to MARA’s shift. AI data center revenue typically comes through long-term contracts with enterprise customers, meaning more predictable cash flows compared to mining stocks, where profitability swings with Bitcoin’s price, network difficulty adjustments, and halving events.

The risk is execution. Converting mining sites to AI-ready facilities requires significant capital expenditure, new technical expertise in cooling and networking, and the ability to land enterprise customers. Selling 20,000 BTC to pay down debt also means MARA has less exposure to any potential Bitcoin price appreciation. Investors watching this space should pay close attention to MARA’s ability to secure long-term power purchase agreements and binding customer contracts, not just announced capacity targets.

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

Kansas-based wealth manager Leisure Capital Management has revealed a position in Franklin Templeton’s XRP ETF during the second quarter of the year.

According to a newly filed regulatory form with the U.S. Securities and Exchange Commission, Leisure Capital Management held 16,745 shares of the Franklin XRP Trust ETF (XRPZ). They were valued at roughly $206,000 as of June 30. 

The investment is not significant, but it shows that XRP is gaining more and more acceptance. 

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The Overland Park, Kansas-based wealth management firm manages investment portfolios for individuals and institutions and holds traditional equities, bonds and ETFs. 

Image via https://depositphotos.com/photos/kansas.htmlIts XRP ETF position appeared alongside holdings in major companies including Apple, Microsoft, Nvidia and Amazon.

More institutional interest Earlier in July, Realta Investment Advisors reported a position in the REX-Osprey XRP ETF with more than $260 million in reported holdings. 

Vista Finance also disclosed exposure to the Franklin XRP Trust ETF, holding 129,958 shares worth approximately $11.45 million.

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Brookstone Capital Management revealed a $71 million XRP ETF position. At the same time, CPR Investments disclosed a $363,000 position in the ProShares Ultra XRP ETF.

Institutional activity has also extended beyond ETFs. 

Galaxy Digital, Arrington Capital, The Private Shares Fund and GAM Alternatives Lux recently agreed to purchase approximately $130 million worth of Ripple Labs private shares from Linqto as part of the company’s bankruptcy proceedings.

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The growing number of 13F filings shows that asset managers are increasingly comfortable with XRP, which used to be considered a security by the SEC before being ultimately vindicated. 

ETF structures make it possible for institutions to access the asset through familiar investment channels.