XRP has closed above a key descending trendline for the first time in over a year, signaling a potential shift in momentum after a lengthy period of price compression. Crypto analyst Marmot, known by the handle @Web3Marmot, highlighted this breakout on his recent chart analysis, noting that previous attempts to recover were consistently rejected at the same resistance line.
Five rejections mark downtrend’s enduranceThe downtrend began at XRP’s local high of $3.65 in July 2025, as illustrated by Marmot’s analysis. Each time the price approached the descending trendline, sellers stepped in to defend it, pushing XRP lower. These rejections were observed in July 2025, October 2025—immediately before a sharp price crash—January 2026, May 2026, and July 2026.
By September 2026, the trendline was approaching the $0.80 level. According to Marmot, if a breakout had not occurred at this stage, XRP would likely have continued its slide below $1. However, a significant green weekly candle recently closed above the trendline, suggesting renewed upward momentum.
Most people are missing this, but XRP has finally broken out of the downtrend from July 2025. The year-long compression is over.
The breakout at approximately $1.15 breaks the persistent pattern and could signal a new phase for XRP’s price action.
Mini dictionary: Marmot is a pseudonymous crypto market analyst who regularly shares technical analysis and trade ideas on social media platforms. His posts often focus on major turning points and projected trading scenarios for leading cryptocurrencies.
The three-stage upside planFollowing the breakout, Marmot provided a targeted sequence for potential price movements. The analyst projects XRP’s first move from $1.10 to $1.40, then further toward $1.80. The second phase involves a short retracement from $1.80 to $1.60 before aiming for $2.20.
In the final projected phase, XRP advances from $2.20 to $2.80, with a final target at $3.60. Each phase is visually represented by gray candles on Marmot’s published chart. At the time of this analysis, XRP was trading at $1.1498, and the analyst anticipates that the fresh breakout will trigger these moves relatively soon.
The explosive expansion can hit at any moment, according to Marmot, who noted that his target sequence starts right at current price levels, making the timing of this breakout especially significant.
Target StageLower PriceUpper PriceStage 1$1.10$1.80Stage 2$1.60$2.20Stage 3$2.20$3.60Momentum shifts for XRPThe persistent inability to reclaim the trendline defined much of XRP’s price history over the past year, with each failed attempt reinforcing bearish sentiment. The decisive weekly close above the resistance marks a potential turning point.
Marmot emphasized his track record of identifying significant market pivots, including a successful forecast to short Bitcoin from $111,000 in October. He acknowledged that while the setup currently favors further gains, any change in market conditions would be promptly communicated to his followers.
XRP now faces key targets, with Marmot’s projected path suggesting the possibility of reaching as high as $3.60 if momentum continues. The sequence of gains hinges on the asset’s ability to maintain its breakout above the long-term trendline.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The XRP Ledger is about to reach its final week leading up to the implementation of version 3.2.0. Once the upgrade window is closed, nodes that are not updated to the new software may experience services interruptions, said XRPL validator Vet.
XRP Ledger Node Operators Face 1-Week Deadline Vet wrote in a post on X, “Happy Hump Day to everyone, especially those who have upgraded their XRP Ledger nodes to 3.2.0!” He added, “In less than 1 Week all nodes running XRPL versions below 3.2.0 will experience service interruptions. Please update your nodes, remind exchanges and projects to update as well!”
According to the XRP Ledger Explorer, current network statistics show the migration is still ongoing. Of the 843 nodes tracked, 489 (57.87%) are currently running version 3.2.0. Another 319 nodes, or 37.75%, remain on version 3.1.3. Smaller groups continue using versions 3.1.2, 3.1.1, 3.1.0, and 3.0.0.
Meanwhile, XRPL validator adoption for the latest version has surged to over 66%. According to the latest upgrade data, 66.44% of validators (99) have upgraded to v3.2.0. On the other hand, 27.52% of validators (41) are still running v3.1.3.
Happy Hump Day to everyone, especially those who have upgraded their XRP Ledger nodes to 3.2.0 !
In less than 1 Week all nodes running XRPL versions below 3.2.0 will experience service interruptions.
Please update your nodes, remind exchanges and projects to update as well! pic.twitter.com/RMTlZ2XQP0
— Vet (@Vet_X0) July 22, 2026
The release includes infrastructure improvements, bug fixes, and developer enhancements. It introduces the largest protocol modification via XLS-0095, which officially changes the name of the XRP Ledger’s server software from rippled to xrpld. The transition started on June 15 and will involve configuration path changes, deployment scripts, metadata references, and database directories from the operators.
The FixCleanup3_2_0 Amendment Remains In Activation Phase The fixCleanup3_2_0 amendment has also met the necessary validator voting requirement. It now has 85.71% support, with 30 of the 35 trusted validators voting in favor, and five in opposition. The XRP Ledger amendment is now in the two-week activation countdown. It will be activated on July 29, 2026, at 09:57 UTC, assuming that the validator’s support stays above 80% during the countdown.
Moreover, the amendment addresses accuracy and rounding problems with Single Asset Vaults and the Lending Protocol. It also fixes bugs on the Permissioned DEX and Permissioned Domains, as well as improving the features already present on the network, without new features being added in.
Something important may have changed for XRP, but the chart is sending two conflicting signals. According to one crypto analyst, XRP has fallen below its 20-day, 50-day, 100-day and 200-day exponential moving averages, showing broad momentum weakness. Each average can now act as resistance as traders who bought higher look to exit near breakeven, short-term traders sell into rebounds and momentum traders wait for a stronger recovery.
At the same time, XRP has broken above a descending trend line that had capped rallies and created lower highs for months. That creates an early recovery signal, but the analyst warned that a trend-line break alone does not confirm a reversal.
Conflict 1: XRP Remains Technically WeakThe first signal is bearish. XRP has fallen below its 20-day, 50-day, 100-day and 200-day exponential moving averages. Losing all four averages shows that buyers have lost control across multiple timeframes.
The market reaction has been clear. These moving averages have now turned into layers of resistance. Traders who bought at higher prices may use any rebound to exit near breakeven, short-term traders may sell into rallies and momentum traders may wait for XRP to reclaim these levels before returning.
In other words, XRP is not facing one resistance wall but a staircase of resistance levels. The chart still looks damaged, and the market has not yet confirmed a broader trend reversal.
Conflict 2: XRP Has Broken Its Downtrend StructureThe second signal is more encouraging. XRP has pushed above a descending trend line that had been limiting rallies and creating lower highs for months.
This suggests buyers are finally challenging the bearish structure. However, the market has not reacted with a confirmed bullish reversal yet because a trend-line break alone is not enough.
The key question is whether XRP can hold the breakout zone. If buyers defend the area and turn the former resistance into support, the breakout becomes more credible. If XRP falls back below the trend line, the move could become a failed breakout and a bull trap.
What Happens Next?The analyst says the market reaction to support will matter more than one dramatic candle. A brief dip followed by a quick recovery would show buyers are defending the breakout. But if XRP closes below support and repeatedly fails to reclaim it, the market could become comfortable with lower prices.
For a genuine recovery, XRP must first hold the breakout zone, then reclaim the 20-day and 50-day EMAs, followed by the 100-day average. The biggest confirmation would come from reclaiming and holding the 200-day EMA.
That is why XRP is currently at a critical crossroads. Conflict 1 says the trend remains weak. Conflict 2 says the bearish structure may finally be breaking. The next confirmed move will show whether XRP is building a real recovery or setting up another trap for buyers.
Story Ends Here
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BTC remains under pressure as oil and rates rise. (CoinDesk)Summary
Bitcoin slipped to about $65,500 as rising oil prices and higher Treasury yields pressured risk assets and weighed on major cryptocurrencies.Market sentiment was further dampened by an apparent escalation in U.S. military strikes linked to Iran. Regulator uncertainty persisted as key Senate Democrats criticized the latest draft of the Digital Asset Market Clarity Act, sending betting odds of its passage lower.Bitcoin BTC$65,545.99 remained under fresh selling pressure early Thursday as oil and Treasury yields continued to rise and odds for the Clarity Act tumbled.
The cryptocurrency changed hands near $65,500, down about 0.7% since midnight UTC, extending the pulled back from a high near $66,700 reached Wednesday. The weakness spilled over into the broader market, with major tokens including ether (ETH), solana (SOL), and XRP (XRP) also trading lower.
Futures tied to West Texas Intermediate on the NYMEX climbed to $88.60 per barrel, marking the highest level since June 11. The move extends a steep rebound from recent lows below $70 and signals a potential new inflationary impulse that could push up consumer price indexes in the U.S. and globally. That, in turn, would complicate efforts by central banks to cut interest rates.
Bond markets are already reacting. The U.S. two-year Treasury yield jumped to 4.31%, its highest level since February 2025, while the benchmark 10-year yield rose to 4.66%, the highest since May, according to TradingView data. Higher yields raise the opportunity cost of holding non-yielding assets such as bitcoin and gold, often prompting investors to rotate out of speculative holdings and into fixed-income securities that now offer more attractive returns.
Adding to the cautious market sentiment, Axios reported that the U.S. military deployed a B-1 long-range bomber on Tuesday to strike targets linked to Iran’s Islamic Revolutionary Guard Corps. The use of the heavy bomber represents a clear escalation in the scale of U.S. operations and suggests Washington may be preparing for a broader campaign, rather than continuing with the more limited strikes seen in recent days.
Regulatory uncertainty persisted after a group of key Senate Democrats said the newest draft of the Digital Asset Market Clarity Act (Clarity Act) “falls short” on ethics and other critical provisions.
Betting markets on decentralized platform Polymarket reacted swiftly, with the implied odds of the Clarity Act passing tumbling from 46% to 38%.
Senate Republicans released the updated draft earlier Wednesday, which includes an ethics provision agreed to by the White House and President Donald Trump. Senator Bernie Moreno called it “the most powerful ethics language in U.S. history.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
14 hours ago
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Ripple (XRP) and Stellar (XLM) trade cautiously on Thursday as both tokens hover around key technical levels. XRP is testing resistance at its 50-day Exponential Moving Average (EMA), while XLM continues to consolidate around the $0.187 support zone. Meanwhile, mixed derivatives data with a slight bearish tilt suggests traders remain cautious, keeping the next directional move uncertain.
Derivatives data shows cautious signsDerivatives data shows mixed sentiment with a slight bearish tilt. CoinGlass’ long-to-short ratio for both XRP and XLM read 0.94 and 0.93, respectively, on Thursday, nearing their lowest levels in over a month. The ratio being below one, indicates bearish sentiment, as traders are betting the assets' prices will fall.
XRP long-to-short ratio chart. Source: Coinglass
XLM long-to-short ratio chart. Source: CoinglassMeanwhile, the funding rates show a mixed bias. XRP funding rates flipped positive on July 14 and have remained in bullish territory, with a reading of 0.0014% on Thursday, indicating that longs are paying shorts and signaling bullish sentiment.
Meanwhile, XLM funding rates flipped negative on Thursday, reading -0.0035%, indicating that shorts are paying longs and signaling bearish sentiment.
XRP funding rates chart. Source: Coinglass
XLM funding rates chart. Source: CoinglassXRP technical outlook: Close above 50-day could suggest a rally XRP trades at $1.136 on Thursday, maintaining a bearish bias as price remains below the short- and medium-term Exponential Moving Averages. The 50-day EMA at $1.145 is the first cap just overhead, with the 100-day EMA at $1.235 further up, underscoring a market that remains pressured despite the recent bounce toward the 23.6% Fibonacci retracement at $1.136, which now acts as a pivotal level.
Momentum is more constructive, with the Relative Strength Index (14) hovering near 55 and the Moving Average Convergence Divergence (MACD) line above zero, along with a positive, slightly expanding histogram, hinting at improving bullish attempts that remain constrained by overhead structure.
On the topside, immediate resistance is located at the 50-day EMA at $1.145, followed by a broader cluster formed by the 38.2% Fibonacci retracement at $1.215 and the 100-day EMA at $1.235.
On the downside, the 23.6% retracement at $1.136 serves as the immediate pivot; a sustained break lower would expose support at the Fibonacci anchor near $1.009, closely aligned with the horizontal floor at $1.000, where buyers would be expected to defend the broader uptrend base.
XLM technical outlook: Hovers around the key supportsXLM price trades at $0.186 on Thursday, maintaining a mildly bearish tone as price holds beneath the 50-day, 100-day and 200-day EMAs at $0.189, $0.187 and $0.196 respectively. This layered EMA stack above spot hints that recent bounces remain corrective within a broader capped structure, even as the RSI at 46 stays in neutral territory and the MACD fluctuates just above zero with a modest positive reading, suggesting only tentative bullish momentum.
On the topside, initial resistance appears at the 100-day EMA near $0.187, followed by the 50-day EMA at $0.189 and the 200-day EMA at $0.196, ahead of the 61.8% Fibonacci retracement at $0.200; higher up, subsequent barriers are located at the 50% retracement at $0.218.
On the downside, immediate support is seen at the horizontal level around $0.177, reinforced by the 78.6% Fibonacci retracement at $0.173, with a deeper floor emerging at the prior horizontal base near $0.142.
XLM funding rates chart. Source: Coinglass(The technical analysis of this story was written with the help of an AI tool. Know more.)
Fundstrat’s Tom Lee is in the news today after he stated that the market may be underestimating the chances of the CLARITY Act passing. That’s not all though as he also believes Ethereum [ETH] could benefit from growth linked to AI, bringing his ETH predictions back into focus.
Prediction markets too cautious about the CLARITY Act? In a recent post, Lee supported comments from Fundstrat’s Head of Digital Asset Strategy, Sean Farrell. The latter said that private discussions with policymakers were much more positive than the odds shown on Polymarket and Kalshi.
Source: X Farrell also questioned whether those markets accurately reflect informed expectations. He noted that liquidity remains limited, while newer restrictions prevent Senators and other political insiders from trading on outcomes connected to their work.
Lee argued that these rules may reduce the amount of informed activity reaching prediction platforms. As a result, traders may be placing too much confidence in the probabilities currently on display.
Ethereum is approaching a significant resistance zone that analysts view as a major inflection point for its next price movement. As large investors and new wallets accumulate ETH and increase staking, market observers note growing confidence in the long-term prospects of the world’s second-largest blockchain platform.
Resistance, momentum and market structureEarly Friday, Ethereum traded at $1,936.08, with its 24-hour trading volume reaching $10.69 billion and total market capitalization standing at $233.75 billion. Technical analysts identified a critical resistance range between $2,160 and $2,400. According to Crypto Patel, this zone includes the bear market order block and a fair value gap—technical indicators commonly used to judge momentum shifts.
A sustained breakout above this resistance is viewed by analysts as necessary to confirm upward momentum and break the prevailing bearish structure. Many market participants believe that such a move could reinforce bullish sentiment and set the stage for a potential target around the $10,000 mark in the more distant future.
At the convergence of the $2,160–$2,400 resistance band, analysts see a make-or-break scenario for Ethereum’s mid-term price trend, emphasizing that without a decisive close above this range, bearish tendencies could remain intact.
Conversely, if Ethereum fails to overcome these resistance levels, some suggest that it could move lower to test support in the $1,500 to $1,000 range, which analysts also identify as a potential long-term accumulation area for investors.
Market observers underscore the need for confirmation from price action, rather than relying solely on projections or sentiment, before drawing conclusions about future trends.
Whale accumulation and staking activityOn-chain data from blockchain analytics firm Lookonchain highlighted a recent surge in whale participation. Large holders, often influential in setting market tone, have been increasing their positions during periods of market uncertainty. One prominent address, 0x4cee, which had been inactive for three months, executed a sizeable purchase, investing $20 million USDC to acquire 10,501 ETH at an average price of $1,905 per coin.
In another example, a newly created wallet withdrew 12,800 ETH—valued at $24.47 million—from Binance and proceeded to stake the entire amount. Analysts interpret such moves as a sign of confidence in the long-term utility of the Ethereum network and note that increased staking reduces liquid supply on exchanges, potentially supporting price resilience.
Mini dictionary: Staking, the process by which users lock up their ETH to support network operations in exchange for rewards, helps secure Ethereum’s proof-of-stake consensus mechanism.
Address/WalletAmount AcquiredAverage Purchase PriceAction0x4cee10,501 ETH$1,905Large purchaseNew wallet12,800 ETH$1,912Withdrawal & StakingMarket trends and outlookThe broader market environment has also shown signs of improvement, with Bitcoin trending upward, contributing to the optimism among Ethereum holders. Despite renewed bullish price projections, analysts remind investors that failure to surpass the resistance could force Ethereum to seek support at lower price levels, consolidating before any potential rebound.
Analysts stress that a decisive breakout above $2,400 could mark the start of a new bullish phase for $ETH, while a rejection may lead to further consolidation or a move towards stronger support zones.
As Ethereum’s price movement remains closely watched, market participants continue to assess both on-chain signals and broader macro trends to guide their strategies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
A sharp reversal in Ethereum staking dynamics has taken shape. The validator exit queue—which ballooned past 2.6 million ETH in September 2025—has fallen to zero, according to data from Arkham and beaconcha.in cited in the original report. For the first time in months, unstaking requires no wait at all. Meanwhile, the entry queue tells a different story: roughly 2.48 million ETH is lined up to join the consensus layer, facing an estimated delay of 43 days.
That asymmetry—zero time to leave, over a month to get in—captures a moment where capital is tilting back toward Ethereum’s core infrastructure. Total staked ETH sits at about 40.9 million, representing 33.55% of the circulating supply, spread across roughly 885,000 active validators. The annualized reward hovers at a modest 2.64%, which makes the renewed staking appetite more notable.
From a Wall of Exits to an Empty Queue The earlier exit congestion was partly driven by regulatory unease and market pressure during the 2025 drawdown. Validators wanting to unwind staking positions faced weeks of waiting, and the queue served as a visible thermometer of stress. Its collapse now implies that forced selling from validators has eased dramatically. New exit requests are clearing almost instantly, removing a supply overhang that had weighed on sentiment.
But the absence of an exit queue also changes the calculus for liquid staking protocols and institutional validators. With no friction on the way out, staked ETH behaves more like a liquid instrument than a locked commitment. That could lower the barrier for more conservative capital to participate, even at a 2.64% APR.
What the Entry Queue Signals A 43-day wait to start earning rewards is not trivial. Yet demand persists, suggesting that participants are looking beyond the headline yield. Some of it may reflect expectations of future network fee growth once on-chain activity picks up; validator rewards are partially derived from priority fees and MEV, not just issuance. In weeks where execution-layer activity runs hot, real APR can punch far above the average.
This trend aligns with Ethereum’s continued dominance in developer engagement. As covered in BlockchainReporter’s latest developer activity rankings, Ethereum still commands the lion’s share of weekly commits and active contributors. Developers staying close to the base layer tend to reinforce staking demand, because running a validator often doubles as a way to stay plugged into network upgrades.
The institutional dimension also matters. While Ethereum staking yields remain compressed, dedicated staking-as-a-service firms and exchange-traded products are maturing. Parallel moves in other ecosystems—such as the institutional staking push behind SUI’s recent 18% price surge, detailed here—illustrate how structured staking products can attract capital even when headlines are quiet. Ethereum, with its deeper liquidity and custody rails, is arguably the main beneficiary of that institutionalization.
Broader Market Context The staking queue shift occurs as the on-chain economy is seeing renewed activity in adjacent sectors. Real-world asset tokenization recently crossed $20 billion in on-chain value, and major TradFi players have begun settling tokenized Treasury transactions directly with banks, a turning point noted in this weekly roundup. When the broader blockchain ecosystem tips toward institutional-grade settlement, the asset that underpins settlement—ETH—tends to attract long-term staking flows rather than short-term speculative trades.
What remains uncertain is whether the entry queue will translate into a sustained increase in the staking participation rate, or if it mainly reflects rotation among existing validators. A total of 33.55% of ETH supply already staked leaves limited headroom before consensus-layer liquidity risks begin to surface. Some analysts have raised concerns about the health of validator set diversification if the entry queue is dominated by a handful of large operators.
Even so, the 43-day entry wait, combined with zero exit friction, gives Ethereum’s staking mechanism a self-regulating quality. If rewards become too dilute, participants can leave without penalty. That market-driven guardrail matters in an environment where the Federal Reserve’s rate path, SEC rulemaking, and global stablecoin legislation can quickly alter the risk-reward calculation for yield-bearing crypto assets.
The Road Ahead For traders and protocol designers, the immediate takeaway is that staking infrastructure no longer looks strained on the exit side. That could reduce selling pressure from redemptions and make ETH more attractive as collateral in DeFi. For validators, the queue data offers a clear signal: the rush for the door is over, and a new cohort is quietly taking its place.
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.
Ethereum [ETH] appears to be following a familiar seasonal pattern this July.
According to CoinGlass data, July has historically been one of ETH’s strongest months, with an average return of over 10%. Bitcoin [BTC], meanwhile, has averaged around 7% over the same period, giving ETH a clear seasonal edge. Against this backdrop, Token Terminal’s latest report adds another layer to the bullish setup.
As the chart below shows, Ethereum’s weekly transaction count has climbed to a record 18.7 million, while median transaction fees have dropped to an all-time low of just $0.008. Record-high usage paired with record-low fees is a strong sign that Ethereum’s scaling upgrades are finally paying off.
Source: Token Terminal Backing this up, another report highlighted a sharp increase in developer activity. New smart contract deployments are up around 192%, with another 57% jump over the past week alone. Rising developer activity alongside record network usage points to improving fundamentals beneath Ethereum’s recent rally.
Historically, this kind of setup has often fueled bigger rallies. That’s why ETH’s move above $2,000 looks within reach. The logic is simple: Capital isn’t just flowing into ETH. Instead, it’s also flowing on-chain, suggesting investors are doing more than simply chasing price. Still, CryptoQuant isn’t fully convinced.
According to its latest report, Ethereum’s Perp Futures-to-spot Volume Gap on Binance remains elevated, even as the Z-score continues to cool. In other words, leveraged activity is still outpacing spot demand. CryptoQuant noted that much of ETH’s recent price action appears to be driven by perpetual futures rather than sustained buying from long-term investors.
That raises an important question: Has the market become too optimistic about Ethereum’s breakout?
Ethereum’s rally faces its biggest leverage test yet Binance is the key exchange to watch.
Interestingly, net stablecoin inflows to Binance have jumped around 370%, reaching more than $58 million in daily inflows. Simply put, instead of flowing on-chain, much of that capital is staying on the exchange, suggesting investors are positioning for the next move rather than deploying funds immediately.
However, there’s another side to the story. As the chart below shows, Binance’s Funding Rate has also surged, now sitting 200% above its 90-day baseline. That points to traders increasingly using leverage, meaning a large portion of the fresh liquidity may be flowing into perpetual futures instead of the spot market.
Source: CryptoQuant That lines up with CryptoQuant’s latest report.
With smart contract deployments up 192%, stablecoin liquidity building, and funding rates up 220%, three key signals are now moving together: stronger builder activity, fresh capital waiting on the sidelines, and rising leverage. It’s a bullish setup, but one that’s becoming increasingly dependent on leveraged traders.
However, spot demand from long-term holders is still missing. That suggests traders may be getting too optimistic about Ethereum’s breakout above $2,000. Until spot buyers step in, the rally could remain vulnerable to a leverage-driven pullback.
Final Summary Ethereum’s rally is backed by strong on-chain activity and growing developer adoption. But rising leverage and weak spot demand could make the breakout fragile.
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.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
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F2Pool co-founder Chun Wang has deposited ETH and WBTC worth approximately $15.6 million to Binance.
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Crypto Market Review Q2 2026: Prices plunged, but the biggest story wasn't the sell-off. See what quietly reshaped crypto this quarter.
HIGHLIGHTS
Bitcoin closed June near $58,000, while Ethereum fell 25% during the quarter. Stablecoin market capitalization reached a new record of $323 billion. Tokenized real-world assets (RWAs) grew beyond $28.9 billion despite weaker crypto prices. Hyperliquid nearly doubled its perpetual DEX market share, emerging as one of Q2's biggest winners. Frequently Asked Questions
The market had a difficult quarter, with Bitcoin and Ethereum posting heavy losses as ETF outflows and weak sentiment weighed on prices.
Persistent ETF outflows, capital moving into AI stocks, and broader market uncertainty pushed Bitcoin down toward $58,000
Ethereum faced upgrade delays, institutional selling, and concerns that Layer-2 networks were reducing mainnet activity.
Stablecoins, tokenized real-world assets (RWAs), and prediction markets continued to expand throughout the quarter.
Hyperliquid dramatically increased its perpetual futures market share, strengthening its position as the leading perp DEX
The GENIUS Act moved into implementation, MiCA reached its compliance deadline, and Japan introduced friendlier crypto tax rules.
Key areas include potential Fed rate cuts, Ethereum and Solana network upgrades, ETF flows, and major blockchain conferences.
No. Traditional finance continued expanding into crypto through tokenized funds, stablecoin initiatives, and infrastructure investments.
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Bitcoin held near the $66,000 mark on Wednesday as crypto market sentiment remained in the neutral zone and spot ETF inflows turned positive.
Senate Republicans unveiled an updated CLARITY Act draft featuring a ban on senior U.S. officials, including President Donald Trump, from sponsoring crypto for compensation until January 2029.
Notable Statistics:
Coinglass data shows 63,900 traders were liquidated in the past 24 hours for $161.26 million. SoSoValue data shows net inflows of $203.1 million from spot Bitcoin ETFs. Spot Ethereum ETFs saw net inflows of $37.5 million. In the past 24 hours, top losers include DeXe, Stable and Midnight. Notable Developments:
Trader Notes:
Crypto chart analyst Ali Martinez highlighted $70,920 as Bitcoin’s key resistance level, based on the MVRV Pricing Bands. He said this level could trigger selling pressure as it aligns with the aggregate investor cost basis.
A sustained close above $70,920 would be needed to absorb overhead supply and confirm the continuation of Bitcoin’s rebound.
Trader KillaXBT believes Bitcoin has already formed its cycle bottom. He expects a liquidity sweep above the current range highs, followed by a false breakout and a drop below $62,000 to establish a higher low.
The anticipated correction is expected to be driven by weakness in traditional financial markets rather than crypto-specific factors.
Grayscale highlighted that, "The CLARITY Act can do for the industry what crypto ETFs did: unlock the next wave of adoption."
Photo: Sebastian Duda on Shutterstock.com
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While Elon Musk’s latest interaction with a Dogecoin-related post drew attention, traders were more focused on a rare series of weekly buy signals that have yet to translate into price strength.
It was the first Dogecoin [DOGE]-related memecoin the billionaire has liked since the biggest memecoin, DOGE itself, Whale Insider reported on X.
Technical analyst Ali Martinez also showed that the memecoin had generated a buy signal on the weekly timeframe. The TD Sequential indicator has flashed consecutive buy signals, “a rare setup that could be warning a major bull rally is approaching”, the analyst wrote on X.
Yet, the price movement of DOGE in recent days has been lacking. In the past 24 hours, its daily trading volume has slid by 20%, and the memecoin was flat for the day and down 0.94% over the past week. Its Open Interest had not budged, either, dropping only 1.1% in a day.
Long-term DOGE bulls’ hopes are draining away Source: DOGE/USDT on TradingView After dropping to the $0.088 support zone in February, the bulls fought valiantly to defend it. In May, a recovery appeared to be underway. At the same time, Bitcoin [BTC] faced rejection from its rally to $82.5k, dragging the rest of the crypto market downward.
Source: CryptoQuant The spot taker CVD of the past three months showed that from December to late March, taker buy volumes dominated spot markets. For a few days in May, taker buy volume spiked, as Dogecoin prices tried to push beyond the $0.12 resistance zone.
The optimism has drained away since then. Taker sell dominance was not yet underway, but DOGE itself was trading 17% below the $0.088 former support level.
What to expect from Dogecoin for now A week ago, AMBCrypto had reported that the liquidation map made a case for a short squeeze toward $0.08. This scenario has not yet played out.
Source: DOGE/USDT on TradingView The swing structure was firmly bearish. Technically, a bounce toward $0.083-$0.087, the Fibonacci golden pocket, remains possible. In the lower timeframes, the $0.075 area was a key resistance zone too.
Traders can wait for a move toward the local highs at $0.078 to begin to sell, or for a test of the golden pocket, too. Bitcoin needs to clear the $67.2k area to signal that it is ready to rally as high as $77k.
If BTC clears this resistance, a short-term market-wide bullish sentiment shift could see a Dogecoin bounce. If BTC faces a drop below $62.5k, the leading memecoin would be much more likely to fall to new swing lows without a meaningful bounce.
Final Summary Dogecoin’s lack of volatility in recent days meant that the short squeeze idea was not yet invalidated. Traders will need to keep an eye on Bitcoin trends to gauge if the memecoin would have the potential to rally or would head toward new swing lows next.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Following one of the biggest market rallies of the year, Hyperliquid is currently experiencing its first significant correction. Before sellers intervened forcefully and drove HYPE back towards the crucial $58 support zone, the asset briefly traded close to the $75–76 range. The fact that HYPE is still above its 100-day EMA at $57 is the strongest directional signal right now.
This moving average, which served as dynamic support during the advance, is currently being tested for the first time since the breakout. The larger uptrend would continue if this level were maintained. But momentum is obviously losing ground.
HYPE/USDT Chart by TradingViewDaily candles continue to display lower highs since the June peak, the RSI has dropped toward 40, and the 20-day EMA has rolled over. Compared to the buying frenzy that accompanied the move from $40 to above $70, volume has also significantly decreased. Bulls have good news: the long-term structure is still positive.
HOT Stories
While the 50-day EMA is currently at $64.7, the 200-day EMA is still rising toward $50. Buyers might attempt another move toward $65 and ultimately $70 if HYPE can hold above $57-$58.
A deeper retracement toward the 200-day EMA around $50 would probably result from a clear breakdown below the 100-day EMA. HYPE is no longer in breakout mode at this time. The market is evaluating whether the prior rally was sustainable or overly speculative during this validation phase.
Near Protocol's ResistanceDespite being stuck within a wide consolidation range, NEAR is exhibiting much greater resilience than many other altcoins. NEAR has been building a base above its long-term trend indicators for several weeks, in contrast to HYPE, which is correcting following a significant rally. While the 200-day EMA near $1.82 still offers structural support, NEAR is trading directly above the 100-day EMA around $1.87.
NEAR/USDT Chart by TradingViewAs a result, the support cluster between $1.82 and $1.87 is rather strong. Bulls have also failed to recover the 50-day EMA at $2.02. Over the past month, every attempt at a recovery has stalled in the $2.00–$2.10 range, creating a clear resistance area that needs to be broken before a long-term uptrend can begin. The current equilibrium is reflected by an RSI of about 45.
The sideways price movement observed throughout July is consistent with neither buyers nor sellers having established dominance. The overall outlook is still fairly optimistic. NEAR continues to print higher lows on the longer timeframe and has effectively recovered from sub-$1 levels earlier this year.
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The predominant interpretation is accumulation as long as the asset stays above the 200-day EMA. $2.00 is the key level to watch. A clear breakout above it could put NEAR back above all significant short-term moving averages and pave the way for a move to $2.30–$2.50. On the other hand, much of the recovery structure developed over the previous few months would be rendered invalid if the $1.82 support zone were lost.
Shiba Inu Looks WeakerFrom a technical standpoint, Shiba Inu is still among the weakest large-cap cryptocurrencies available. Every significant attempt at a recovery has been rejected at important moving averages, and the daily chart displays a consistent pattern of lower highs and lower lows that has persisted for nearly a year.
SHIB/USDT Chart by TradingViewThe failed ascending channel that formed between March and May is the chart's most noticeable feature. Sellers intervened close to the 100-day EMA and forced a breakdown below support, but SHIB momentarily appeared poised to establish a medium-term reversal. The asset has not been able to pick up steam since. At the moment, SHIB is trading below the 20-, 50-, 100-, and 200-day moving averages.
This alignment indicates weakness across all significant timeframes, making it one of the most obvious bearish structures. The first significant resistance level is still the 100-day EMA around $0.0000051, but the 200-day EMA around $0.0000061 is a much bigger barrier. On the other hand, there is a slight improvement. As the price stabilizes at $0.0000042, the RSI has recovered from oversold conditions and is progressively rising.
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Additionally, volume has drastically decreased, indicating that aggressive selling pressure is starting to lessen. The issue for bulls is that renewed demand is not the same as waning selling pressure. A sustainable recovery narrative cannot emerge until SHIB breaks out above the declining moving-average cluster.
Until then, the current structure appears to be more of a consolidation following a decline than the start of a new uptrend. The first indication that buyers are regaining control would be a move above $0.0000045. SHIB would be vulnerable to another leg lower and its long-term bearish trend would be reinforced if current support levels were not maintained.
Dogecoin Does It BetterDogecoin's chart is strikingly similar to SHIB's, but DOGE is marginally more resilient due to a few minor differences. The meme coin has also been in a downward trend for several months, but this decline has been less severe and more orderly than SHIB's. At $0.072, DOGE is currently trading below all major moving averages.
DOGE/USDT Chart by TradingViewA stacked resistance zone is created directly overhead by the 20-day EMA at $0.075, the 50-day EMA at $0.078, and the 100-day EMA at $0.087. This implies that traders who made purchases at higher prices immediately put pressure on the market to sell during every upward move. The RSI shows weak momentum as it remains below the neutral 50 level.
However, DOGE is no longer generating significant downside extensions, in contrast to previous stages of the decline. Throughout July, the price has moved into a comparatively narrow trading range, indicating that volatility is decreasing. From a structural perspective, the recent lows around $0.07 remain the critical support.
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A recovery toward $0.09 is conceivable if DOGE can maintain this zone and reclaim the 20-day and 50-day moving averages. That would be the first significant shift in the trend since May.
Although DOGE is currently more stable than SHIB, it is still technically bearish. The next few weeks are crucial for determining whether accumulation is occurring below the surface, as the market appears to be looking for a bottom rather than accelerating into a new wave of selling.
Following a strong market rally earlier this year, Hyperliquid (HYPE) is undergoing its first substantial correction. The asset briefly approached the $75–$76 range before sellers pushed it back toward a crucial support level at $58. HYPE currently sits just above its 100-day exponential moving average (EMA) at $57, a level that has served as dynamic support during previous advances.
Hyperliquid faces pivotal supportThis marks the first time HYPE has tested its 100-day EMA since breaking out, posing a key question for its short-term trend. If buyers defend this area, the larger uptrend could continue. However, technical momentum appears to be weakening. Daily candle patterns show lower highs since the June peak, the relative strength index (RSI) has dropped near 40, and the 20-day EMA is now sloping downward.
Trading activity has also slowed. Volume has diminished significantly when compared to the high levels seen on HYPE’s run from $40 to above $70, reflecting reduced enthusiasm among buyers. Still, the overall long-term structure remains constructive for bulls.
The 50-day EMA sits at $64.7, with the 200-day EMA trending higher near $50. HYPE could see renewed attempts toward $65 and possibly $70 if it stabilizes above $57–$58. If the 100-day EMA breaks down, a deeper retracement toward the 200-day EMA is likely. The market remains in a validation phase, assessing whether the previous rally can be sustained.
AssetCurrent PriceKey SupportKey ResistanceTrendHYPE$58$57 (100-day EMA)$65, $70CorrectiveNEAR$1.87$1.82–$1.87$2.00–$2.10ConsolidatingSHIB$0.0000042$0.0000042$0.0000051, $0.0000061BearishDOGE$0.072$0.07$0.075, $0.078, $0.087BearishNEAR shows greater stabilityWhile HYPE struggles with volatility, NEAR Protocol is displaying relative resilience compared to many altcoins. NEAR has held above its key long-term indicators for several weeks. The asset is trading just above the 100-day EMA around $1.87, with further support at the 200-day EMA near $1.82.
This confluence around $1.82–$1.87 acts as a strong support cluster. Despite this, bulls have not managed to reclaim the 50-day EMA at $2.02. Each recovery attempt in the past month has failed within the $2.00–$2.10 range, establishing a clear band of resistance.
NEAR’s relative strength index is about 45, pointing to a balanced market. July’s sideways movement suggests neither side has established clear control. On longer timeframes, NEAR’s trend remains constructive, with the asset recovering from sub-$1 prices earlier this year and printing higher lows.
As long as NEAR holds above its 200-day EMA, accumulation appears to dominate. A decisive move above $2.00 could set the stage for attempts toward $2.30–$2.50. However, a loss of the $1.82 support would undermine the progress made in recent months.
Mini dictionary: NEAR Protocol is a layer-1 blockchain designed to provide fast, scalable decentralized applications. Its consensus mechanism, known as Nightshade, divides processing between shards for efficiency.
Recent performance puts $2.00 as the key level to watch for NEAR. A clear breakout above it could return the asset above all important short-term moving averages, while loss of the $1.82 support zone would risk invalidating months of recovery structure.
SHIB and DOGE remain technically weakShiba Inu continues to rank among the weakest large-cap cryptocurrencies in terms of technicals. Each significant rebound has been rejected at major moving averages, coupled with a protracted pattern of lower highs and lower lows on daily timeframes.
SHIB attempted a medium-term reversal between March and May with an ascending channel, but sellers cut short this effort near the 100-day EMA. The asset now trades below its 20-, 50-, 100-, and 200-day moving averages, underlining widespread weakness. Resistance stands at the 100-day EMA around $0.0000051, with the 200-day EMA at $0.0000061 forming a more formidable ceiling.
On the positive side, the RSI has rebounded from oversold territory as SHIB stabilizes around $0.0000042. Volume has dropped, hinting that heavy selling is fading. Buyers, however, need to push the price above declining moving averages to shift the narrative to recovery. Without this, the market remains in a post-downtrend consolidation phase.
SHIB’s first sign of buyer strength would be movement above $0.0000045. Failure to maintain current support may open the door to new lows and reinforce its long-term bearish trend.
Dogecoin displays a similar chart pattern but has shown slightly more stability than SHIB. DOGE has been trending downward in recent months but with a more gradual decline. At $0.072, the asset sits below all major moving averages. Overhead resistance is tightly stacked, with the 20-day EMA at $0.075, 50-day EMA at $0.078, and 100-day EMA at $0.087 constraining upward moves.
The RSI suggests modest momentum, remaining below the neutral 50 mark. While DOGE no longer sees significant downside extensions, July has brought a narrow trading range and diminished volatility. Key support for DOGE remains at $0.07.
If DOGE can defend this level and surpass the 20- and 50-day moving averages, a potential recovery to $0.09 could materialize. Until then, technical outlook remains bearish despite recent stability. The coming weeks may determine whether buying interest accumulates or another round of selling emerges.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Leading cryptocurrencies flatlined on Wednesday as investors weighed the implications of the Clarity Act and rising geopolitical tensions in the Middle East.
Crypto Rally CoolsBitcoin failed to break through $67,000 and slipped back to $65,000 after encountering strong selling pressure. Ethereum wobbled in the narrow range between $1,900 and $1,950, while XRP and Dogecoin also moved sideways.
Earlier, Senate Republicans released an updated draft of the Clarity Act that introduced new ethics provisions to limit cryptocurrency investments by the president and other federal officials.
Over $180 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in long positions, according to Coinglass data
Bitcoin’s open interest slid 2.18% over the last 24 hours. Binance derivatives traders bought the dip, with both retail and whale players increasing their long exposure to the leading cryptocurrency.
"Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.26 trillion, following an increase of 0.82% over the last 24 hours.
Stocks Close in the RedStocks ticked lower on Wednesday. The Dow Jones Industrial Average fell 6.06 points, or 0.01%, to close at 52,218.58. The S&P 500 slid 0.14% to close at 7,498.96, while the tech-heavy Nasdaq Composite lost 0.57% to settle at 25,690.90.
Geopolitical tensions remained elevated as Secretary of State Marco Rubio accused Iran of not being “serious” about negotiations. He added that Iran’s demands to control transit through the Strait of Hormuz could “never be allowed to happen.”
Will Bitcoin’s Rebound Lose Steam?Ali Martinez, a widely followed cryptocurrency analyst and trader, identified $70,920 as the next major resistance to watch for Bitcoin.
“Securing a close above $70,920 is required to clear this overhead supply and confirm the continuation of the BTC rebound,” the analyst added.
On-chain analytics firm CryptoQuant noted that despite Bitcoin’s recent uptick, spot buying has remained “thin,” with leverage doing the heavy lifting.
“No overheating yet, but not a rally on solid footing either. Watch for spot volume to actually warm up before chasing price,” the firm added.
Photo Courtesy: PJ McDonnell on Shutterstock.com
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The Cardano wallet says it will shut down after attackers derived private keys from public transaction data, as affected users still wait on recovery tools promised weeks ago.
Original Image Credits: Igor Kyrlytsya / Shutterstock.com
Posted July 22, 2026 at 3:58 pm EST.
Cardano wallet SecondFi said it will wind down its own service and the Yoroi wallet it took over, roughly a month after attackers exploited a flaw in its software to steal about 16.1 million ADA, worth around $2.6 million, from 374 wallets. The company confirmed the shutdown in an update this week, saying it will not resume normal operations even though the vulnerability has been patched.
The flaw let attackers derive users’ private keys from transaction data already visible on the Cardano blockchain. SecondFi stressed that the Cardano network itself was not compromised and that people using hardware wallets were unaffected. The service had earlier managed to secure 129 million ADA before attackers could reach it.
Investigators Point to a Sophisticated Attacker An independent investigation by blockchain intelligence firm Groom Lake, hired by Yoroi developer EMURGO, concluded the main attacker was sophisticated and well-funded. Some indicators point to North Korea’s Lazarus Group, though the firm said no attribution has been confirmed. A separate attacker went after another set of wallets during the same period.
Users Are Still Waiting on Recovery The wind-down has frustrated users who were told relief was close. Back on June 27, SecondFi promised a recovery route within about two weeks. Nearly a month later, the tools are still not out. “But many of us were told our funds could be recovered within two weeks. Now we’re being asked to wait even longer,” one user wrote in reply to the update.
SecondFi now says it is building a zero-knowledge recovery tool and a wallet export function, both targeted for August, and that EMURGO has funded an asset recovery wallet. It has warned users to wait for official instructions, saying independent moves “create additional risks” for the claims process.
Related Listen: The Chopping Block: Zcash Infinite Mint Bug + AI Hackers vs Formal Verification + NEAR’s Agent Vision
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Cardano (ADA) has seen significant accumulation from its largest holders over the past seven days, with more than 30 million ADA added to major whale wallets. The activity, brought to attention by crypto analyst Ali Martinez using Santiment data, highlights a pattern of ongoing accumulation despite a cautious tone across broader crypto markets.
Institutional Investors Increase ADA HoldingsLarge Cardano addresses, often referred to as whales, increased their combined holdings from approximately 5.66 billion ADA to nearly 5.69 billion ADA during the past week. This figure represents a notable influx among entities controlling sizable portions of circulating supply. Martinez shared via his X account that these large ADA holders appear to be positioning themselves in anticipation of upcoming market movements.
Large Cardano holders seem to be preparing for potential changes in ADA’s price trajectory, as their sustained accumulation has pushed their collective balance up by more than 30 million ADA within just one week.
Whale accumulation is viewed within the industry as a possible sign of institutional or high-net-worth investor confidence. However, analysts frequently caution that this metric should not be interpreted in isolation. Buying activity among whales can reduce ADA’s available supply, especially if coins are transferred to long-term storage, but price outcomes remain reliant on additional factors.
Experts recommend evaluating whale behavior alongside trading volumes, market trends, and on-chain activity before reaching conclusions about price direction. When whales increase their exposure during periods of market uncertainty, it can signal optimism regarding an asset’s long-term value. However, such moves do not guarantee near-term price gains.
MetricPrevious WeekCurrent WeekChangeWhale ADA Holdings5.66 billion5.69 billion+30 million ADAFor retail traders, tracking the behavior of large holders can offer clues about market sentiment. When combined with other indicators—such as exchange balances and network activity—it can help clarify broader trends within ADA markets.
Continued Growth in Cardano’s EcosystemCardano, a proof-of-stake blockchain developed by Input Output Global, continues to emphasize both technical progress and network expansion. The platform has maintained a high rate of ADA staking, underscoring steady user engagement. Ongoing upgrades and the rollout of decentralized governance under the Voltaire era remain key areas of developer interest.
Improvements to scalability and governance continue to be central to Cardano’s roadmap, supporting a vibrant developer community. The network’s evolving ecosystem, which includes an expanding range of decentralized applications, is frequently cited as a factor in the platform’s long-term outlook.
Mini dictionary: Voltaire era, a phase in Cardano’s development focused on bringing decentralized decision-making and on-chain governance to the network, allowing ADA holders to participate in protocol upgrades and treasury management.
These advancements are complemented by Cardano’s consistent efforts to promote regulatory compliance and ensure network resilience within a fast-changing digital asset landscape.
Key Considerations for ADA InvestorsAs the recent accumulation trend draws industry attention, market participants are expected to watch whether whale wallets continue to expand their ADA holdings. Momentum from large investors, combined with increases in trading activity or network participation, may be seen by some as a sign of growing confidence.
Conversely, renewed selling by these holders could challenge positive sentiment. Analysts note that broader cryptocurrency market conditions, Bitcoin’s performance, and global economic factors remain highly influential for altcoins such as ADA.
Ultimately, whale accumulation should be considered alongside technical analysis, project fundamentals, and macroeconomic developments. A comprehensive approach helps investors better assess potential risks and opportunities related to ADA price movements.
Market analysis suggests that tracking whale movements is best used as part of a multifaceted research strategy when evaluating ADA investment decisions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Cardano (ADA) has gained renewed bullish traction after reclaiming a key technical support level, with a surge in network activity suggesting growing adoption. Market analysts indicate that these developments could further strengthen ADA’s long-term outlook if current buying momentum is sustained.
Technical breakout and price outlookADA is currently trading at $0.1747, recording a 24-hour trading volume of $290 million and holding a market capitalization of $6.37 billion. The rebound above an essential support level has prompted analysts and participants to anticipate a potential bullish reversal.
Crypto analyst Sssebi observed that Cardano has closed above its 50-day moving average, a common market indicator used to assess trend direction and investor sentiment. Closing above this level is often interpreted as the early phase of a possible trend reversal when accompanied by steady buying pressure.
Cardano’s close above its 50-day moving average is seen as an initial confirmation of strengthening momentum and a sign that buyers are beginning to take control, provided the upward trend persists in the near term.
To confirm this bounce, analysts emphasize that Cardano must continue to trade above the recovered moving average and form a series of higher highs. Maintaining this technical posture could open the door to additional upward moves, with the next significant target at $0.20. However, a sustained hold above the support line is considered crucial for this scenario.
MetricCurrent ValueTrendADA Price$0.1747Upward24-hour Trading Volume$290 millionHighMarket Capitalization$6.37 billionStableNext Resistance Level$0.20TargetNetwork activity and ecosystem growthData from Mintern, a blockchain activity analytics platform, showed Cardano’s network activity has soared by 4,457% over the past year. This substantial rise in active transactions indicates increasing demand for the Cardano blockchain and its underlying ecosystem.
The growth in daily transactions underscores broader user adoption, pointing to real-world usage beyond speculative interests. This trend suggests the recent rally is being driven by actual demand for Cardano’s platform and services.
Experts say the surge in network usage underscores solidifying fundamentals for Cardano, improving prospects for further investment and ecosystem expansion.
Mini dictionary: Mintern, a platform that specializes in analyzing blockchain network activity and transaction data, enabling deeper insights into user adoption and engagement metrics for ecosystems like Cardano.
Rising network activity, together with an improving technical setup, supports the narrative that Cardano’s momentum may continue if buying pressure persists and resistance levels are surpassed.
Cardano’s latest gains coincide with broader market recovery, as Bitcoin’s price has begun moving upward, lifting the sentiment across major cryptocurrencies. Should Cardano hold above its recovered technical level, supported by continued large investor interest and robust transaction growth, analysts expect the bullish pressure may intensify.
An upward breakout beyond immediate resistance is regarded as a strong signal the recovery can lead to additional investor inflows and further momentum for the ADA price.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
It was billed as cryptocurrency’s big moment, President Donald Trump’s first legislative victory in his drive to make the US the “crypto capital of the world.”
Surrounded by lawmakers and industry executives in the East Room of the White House, Trump signed the Genius Act into law a year ago this month, celebrating it as a step toward bringing digital assets into the mainstream of American finance.
By providing the first set of federal rules for a type of crypto known as stablecoins, the legislation aimed to inspire public confidence in a $300 billion marketplace. It promised protections against fraud by forcing companies to open their books. And it gave Congress a chance to follow through on attempts to address one of crypto’s most longstanding concerns — the persistent use of stablecoins among criminals, terrorists and sanctions evaders — by bringing companies under the watch of US regulators, whether they’re based in the US or not.
But in interviews and a court filing, an inside account of the negotiations surrounding the law has emerged: In the months before and after Trump took office, his advisers Howard Lutnick and Bo Hines worked behind the scenes to loosen those safeguards and shape the law in ways that benefited the world’s dominant stablecoin issuer, Tether. Among Trump’s advisers, Lutnick and Hines played the most formative roles in a legislative process that ultimately included measures favorable to Tether, according to people familiar with the discussions. The people, like dozens of others who provided details of negotiations surrounding the Genius Act for this story — crypto industry executives, lobbyists and current and former US government officials — requested anonymity because they weren’t authorized to discuss the talks.
US President Donald Trump signed the Genius Act in the White House on July 18, 2025. He hailed the bill as a “giant step to cement American dominance of global finance and crypto technology.” Photographer: Al Drago/BloombergBefore Lutnick became Trump’s commerce secretary, he was chairman and chief executive officer of the Wall Street investment bank Cantor Fitzgerald, which manages Tether’s assets. From that position, he acted as a crisis manager throughout 2024, countering bad publicity about Tether and seeking to influence lawmakers on legislation the company opposed, according to congressional lobbying records, allegations contained in a federal court filing and one person who was briefed on those efforts.
After Trump took office, Hines was the closer. The then-29-year-old White House aide, a North Carolina entrepreneur and crypto investor who ran unsuccessful congressional campaigns as a Republican in 2022 and 2024, became the administration’s self-described “bully” on the bill. As negotiations neared the finish line, Hines said that a provision Tether wanted was a “red line” for the White House, according to three other people familiar with the matter.
This account of how the legislation took shape shows the previously unreported steps that first Lutnick, then Hines took that benefited Tether, which controls about 60% of the global stablecoin market. And it sheds new light on the ways that the administration’s policymaking has aligned with its appointees’ financial interests. Both Hines and Lutnick have received significant benefits from the company.
Over an 18-month period that began in 2024 and ended shortly after the passage of the Genius Act, Tether executives:
Sold the rights to a multibillion-dollar stake in their company to Lutnick’s financial services firm in April 2024 for $600 million, a price that Tether’s chairman described to a business associate as “bloody cheap.”
Invested $775 million in December 2024 in Rumble Inc., a money-losing technology company that has a partnership agreement with the unprofitable firm that runs Trump’s Truth Social platform and counts several Trump associates as investors.
Hired Hines for an executive position in August 2025, roughly one month after the bill was signed.
Made a loan to a trust benefiting Lutnick’s children as they were purchasing their father’s multibillion-dollar business interests in October 2025.
As part of a federal ethics agreement required of cabinet appointees, Lutnick had pledged to sell his stake in Cantor Fitzgerald and to recuse himself from matters that might present a conflict of interest. A spokesperson for the Commerce Department did not answer detailed questions for this story but said Lutnick complied with the terms of that agreement; divested from his holdings, including Tether; and “was not involved in any matters relating to the Genius Act’s stablecoin provisions.”
Hines didn’t respond to detailed requests for comment. Neither did the White House.
Tether said in a statement that the company “strongly rejects any suggestion that its engagement with policymakers regarding stablecoin legislation was improper” and that it regularly interacts with regulators, legislators and law enforcement officials “lawfully, transparently, and alongside a broad range of market participants.” The company also said the Genius Act provides no “special advantages to Tether,” arguing that the new US regulatory plans will “apply across the industry to any issuer seeking to operate under the framework.”
The bill drew intense lobbying from all corners of finance, including crypto exchanges, credit card companies and community banks. But Tether is by far the industry’s dominant issuer — its biggest competitor is half its size — and it had the most at stake during the 2025 discussions.
Since the law was signed, Tether, which operates from El Salvador, has continued to grow. It launched a new US token to reach American consumers and comply with the rules. Yet its core product remains the world’s most widely used stablecoin — and a go-to currency for terrorists, North Korean hackers and sanctioned entities in both Iran and Russia, according to reports compiled by industry researchers and government officials. Under the Genius Act’s provisions, that coin, known as USDT, may never be subject to regulation by US authorities.
The Genius Act’s final form contained provisions that benefited Tether and differed from federal lawmakers’ previous attempts to regulate stablecoins, which offer users convenience and pseudo-anonymity — meaning their actual identities are hidden even though their alphanumeric wallet addresses remain permanently public on the blockchain.
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In 2023 and 2024, members of Congress proposed bipartisan legislation that aimed to push foreign companies such as Tether to submit to US regulatory scrutiny — including anti-money-laundering rules — if they wanted to sell stablecoins in the US.
The Genius Act relaxed that requirement. A provision that critics call the “reciprocity loophole” would allow Tether’s USDT to be regulated by El Salvador, where the company is building a new headquarters, if the US Treasury secretary determines the Salvadoran regulatory scheme is comparable to the US approach. Rules governing such determinations are still being drafted.
Another change limited stablecoin issuers’ responsibility for ensuring that their tokens aren’t misused by criminals, terrorists or sanctions evaders. That language, known as the “defi loophole,” means that companies like Tether aren’t responsible for tracking their products on secondary markets known as decentralized finance, or “defi,” platforms. Unlike those who buy tokens through banks or exchanges, such users can trade directly on the blockchain without identifying who they are or how they intend to use the funds.
The legislation also created a three-year grace period for selling stablecoins in the US before their issuers have to comply with its terms. As lawmakers negotiated the bill’s final details, some Democrats proposed a tighter time frame, 18 months, but Tether wanted three years, according to people familiar with its position. At that point, Hines stepped in.
In negotiations, he told people that Tether was important to the White House and Republicans should stand firm. Keeping the three-year grace period was a “red line,” Hines said, according to three people familiar with his conversations.
Bo Hines, whom Trump named executive director of the Presidential Council of Advisers for Digital Assets, took a leadership role in pushing the Genius Act through Congress. Photographer: Tierney L. Cross/BloombergSome financial experts warn that these provisions may undermine US attempts to fight money laundering by criminals and sanctioned entities while complicating Trump’s stated goal of making the US the world’s leader in digital currencies.
Timothy Massad, a former assistant secretary at the US Treasury Department during President Barack Obama’s administration, said the failure to close these so-called loopholes might put US crypto companies at a competitive disadvantage by allowing foreign issuers to sidestep costly anti-money-laundering regulations. It could also weaken the dollar, he said.
“If we want the dollar to remain the strong reserve currency of the world, we shouldn’t enable terrorists and sanctioned individuals and criminals to move dollars anonymously,” said Massad, who also served as chairman of the Commodity Futures Trading Commission from 2014 to 2017.
Every form of currency is vulnerable to misuse for illicit transactions. But since it introduced USDT in 2014, Tether has faced regular questions about the scrutiny it brings to its customers. In response, the company had argued that its location overseas meant it could resist what it described as US regulatory overreach. But that position evolved over time, and in December 2023, Tether announced a policy of voluntarily freezing wallets of any people or entities sanctioned by the US Treasury.
Investigators continued to find evidence that USDT was being used for such activities as the fentanyl trade in Mexico and Russian sanctions evasion. A January 2024 UN report called USDT “a preferred choice” for crypto money launderers in Southeast Asia. That year, President Joe Biden’s National Security Council debated whether to ban Tether from selling its token in the US, according to two people familiar with the talks, who asked not to be named to discuss a sensitive matter.
Ultimately, that proposal was disregarded after law enforcement officials argued that they could track illicit finance through USDT transactions. Over time, federal law enforcement officials have praised Tether for becoming more helpful in freezing tokens used by bad actors.
“The company has built one of the most effective law enforcement cooperation programs in global finance,” Tether’s spokesman said in response to questions. The company said it’s committed to deterring financial crime, and the Genius Act will strengthen such efforts.
Even so, throughout the debates over the Genius Act — and since then — USDT has remained a frequent choice for illicit users.
Throughout 2025, the sanctioned Central Bank of Iran purchased $507 million of Tether’s USDT, according to Elliptic, a blockchain analytics firm widely used by leading digital assets companies and traditional banks. That July, the same month Trump signed the act, Elliptic found that almost $2.5 billion worth of Tether’s USDT was received by wallets linked to Russian companies that, according to the Treasury Department, provide “cross-border settlement platforms for sanctions evasion.”
This year alone, more than $4 billion worth of the token was used in illicit marketplaces favored by Chinese scam networks — which perpetrate crimes including crypto cons known as pig butchering, impersonation frauds and sextortion — according to data by Elliptic.
And in the US, federal prosecutors across the country have filed scores of claims since July 2025 seeking to seize at least $172 million worth of USDT that they said was used unlawfully, according to court records.
Tether has more than twice as many tokens in circulation as its biggest competitor, Circle Internet Group Inc., but has fewer than half as many employees and uses contractors to conduct some of its analysis of suspicious transactions. Tether declined to answer specific questions about the size of its compliance department. But the company said it “works directly and regularly with over 340 law enforcement agencies across 67 jurisdictions to identify, freeze, and help recover assets linked to illicit activity.”
“This is not theoretical compliance but measurable, operational cooperation that no financial institution, including many traditional banks, can match,” said the company spokesman.
Lutnick’s CampaignsWhen Lutnick’s firm, Cantor Fitzgerald, began managing Tether’s reserves in 2021, the investment banker had already known Trump for decades. By that time, Trump was a one-term president, seeking a return to the White House. Tether was a hugely profitable company with an image problem. In 2024, Lutnick campaigned hard for them both.
Despite the importance of assuring buyers that its tokens are backed by safe assets, Tether has never published an independent audit detailing its reserves. In 2021, the company and a related exchange paid $61 million to settle claims brought by federal regulators and New York State (where it is banned from operating) that Tether misled investors about its reserves. Tether acknowledged no wrongdoing in the settlements. As written, the Genius Act will require stablecoin issuers to publish annual audits. Tether announced this year that it had hired an auditor, though it hasn’t disclosed any plans for releasing an audit.
Howard Lutnick, who was chairman and chief executive officer of Cantor Fitzgerald at the time, at the opening day of the World Economic Forum in Davos, Switzerland, in January 2024. Source: BloombergAmid questions about Tether’s reserves, Lutnick came to the company’s public defense. In January 2024, he traveled to the World Economic Forum in Davos, Switzerland, and declared on Bloomberg TV: “They have the money they say they have.”
The following month, Lutnick traveled to El Salvador, where he met with Tether’s chairman, Giancarlo Devasini, and the country’s crypto-friendly President Nayib Bukele, the self-styled “world’s coolest dictator.” Last year, Tether announced plans to relocate its headquarters to the country’s capital, San Salvador.
And in April 2024, Cantor Fitzgerald acquired the right to a 5% stake in Tether through a $600 million convertible bond — a transaction that wasn’t publicly reported until November, after Trump won the presidency. The price was a remarkable discount, based on Tether’s own accounting: In 2024, it reported profit of about $13 billion, which suggests the company was worth at least $130 billion, according to a benchmark of publicly listed financial firms. At that level, Cantor’s $600 million stake was worth more than $6 billion on paper.
Devasini called the price Cantor paid “bloody cheap,” according to Cory Klippsten, a Bitcoin entrepreneur who met with Tether executives and Lutnick in 2024.
Klippsten was involved in a business partnership with Tether that ultimately broke down, and the sides wound up in litigation. In court filings, Klippsten has accused Tether executives of poaching his employees, code and other trade secrets and reneging on a deal; Tether has accused Klippsten of improperly using Tether’s investment as collateral in a separate transaction. As part of the litigation, Klippsten is seeking to depose Lutnick and review documents about Cantor Fitzgerald’s relationship with Tether. An attorney for Lutnick said in court that the commerce secretary had no role in the dispute and that the request is meant to “harass and embarrass” Lutnick.
In a March court filing, Klippsten said he had taken contemporaneous notes detailing his conversations with Devasini. He recounted some of those notes in filings — including the “bloody cheap” remark. The filing describes Cantor’s convertible bond as “implicit compensation for acting as Tether’s advocate in Washington and the media.”
Stalled LegislationMembers of Congress had developed their own concerns. In late 2023, Republican Senator Cynthia Lummis of Wyoming co-signed a letter urging the Justice Department to determine whether Tether was “providing material support and resources” to terrorism organizations, including Hamas, during the deadly attacks that October in Israel. In April 2024, Lummis and Democratic Senator Kirsten Gillibrand of New York introduced a bill that could have required any stablecoin issuer doing business in the US to submit to US anti-money-laundering restrictions and disclosure requirements.
At the time, Lummis made clear that to enter the US market, Tether would have to comply with US rules. “So Tether, if it chooses to remain offshore, if it’s happier with a different regulator, that’s a business choice for them,” she told CoinDesk shortly after announcing the new legislation. “But if they want the US Good Housekeeping seal of approval on their product, and we hope they will, that they’ll come into compliance in the US.”
That July, Lutnick took another opportunity to defend Tether at the 2024 Bitcoin conference in Nashville, where Trump gave the keynote address. “We would never, ever be associated with a company that has anything to do with jihad,” Lutnick said, his voice rising in anger as he reminded the audience that more than 650 Cantor employees, including his brother, had died in the Sept. 11, 2001, terror attack on the World Trade Center. “And it disgusts me.”
Trump speaks at the Bitcoin 2024 conference in Nashville, in July 2024. Photographer: Brett Carlsen/BloombergAfter that speech, Trump — who had pivoted from crypto skeptic to crypto supporter in 2024 as he and his family members prepared to invest in the industry — invited Lutnick to join him on his campaign plane and asked him to be co-chairman of his transition committee. They flew to Minnesota, where Lutnick warmed up the crowd on stage before then-Senator JD Vance of Ohio, another vocal crypto advocate, spoke.
Trump’s surging candidacy buoyed the mood among Tether executives, according to Klippsten. “They have HOPE right now,” his notes say. “They could fly to NYC. Go on CNBC. That’s what Trump is offering them.”
Lutnick traveled in 2024 to Washington, where Cantor Fitzgerald’s lobbyists were engaging with members of Congress on stablecoin bills circulating in the House and Senate. He had a meeting with North Carolina Representative Patrick McHenry, then-chairman of the House Financial Services Committee, to discuss how a new law would affect a foreign company like Tether, according to a person familiar with the talks. McHenry didn’t respond to requests for comment. Lutnick also met with Lummis in September, although a spokesperson for the senator said the discussion focused on a potential Trump transition team and only briefly touched on her concerns about Tether and financial crimes.
The spokesperson said that Lummis “was never urged to back off of her support” for her bill, “nor was she pressured in any manner by Secretary Lutnick or those around him to make changes.”
One of Klippsten’s notes, recounted in a court filing, says that Devasini, Tether’s chairman, told him: “According to Howard, he managed to kill every bill about stablecoins, crypto, etc. There’s still some days before Congress comes to a halt. Howard says don’t expect anything upsetting.”
The bills went nowhere. The next year, both Lummis and Gillibrand voted for the Genius Act, including its provision allowing for “reciprocal” regulation by foreign countries. A spokesman for Gillibrand declined to comment on her vote. A spokesperson for Lummis said it’s not unusual for senators to “vote for something that doesn’t perfectly reflect their preferred way of regulating.” This year, Lummis is leading Senate discussions on a bill that would establish a regulatory framework for the rest of the crypto industry, beyond stablecoins.
After Trump’s November 2024 victory, Cantor helped arrange a new investment for Tether that put the stablecoin issuer more firmly into Trump’s business orbit. Around Christmas, the company invested $775 million in Rumble, the conservative video streaming company that hosts Trump’s Truth Social media platform and provides it with cloud infrastructure and advertising services.
The investment came at an unusual time; Rumble had run up $338 million in losses that year. The company, which bills itself as a “freedom-first” alternative to livestreaming and video content, counted several Trump allies who eventually joined his second administration among its investors: Vice President Vance; former FBI Deputy Director Dan Bongino; and former White House special adviser for AI and crypto David Sacks.
Tether’s investment set off a temporary spike in Rumble’s share price, and it closed on Dec. 26 at $16.27, a 126% gain since the day of the announcement. Rumble, which has rebranded itself as RUM Group Inc., devoted almost 68% of Tether’s investment, $525 million, to share buybacks from “certain members of key management.” Since then, Tether has gradually increased its equity stake in Rumble; it now amounts to roughly $875 million.
“Tether’s investment in Rumble reflects our shared values of decentralization, transparency and fundamental right to free expression,” Tether’s chief executive officer, Paolo Ardoino, said at the time. The company said roughly $250 million of its infusion would go for “growth initiatives,” including a crypto payments platform.
As Trump’s second administration took shape, the White House handed responsibility for shepherding stablecoin legislation to a former college football player whose introduction to cryptocurrency came when he played in the 2014 Bitcoin St. Petersburg Bowl.
‘Hi, Bo!’As a Washington newcomer, Bo Hines didn’t have a resume to match the crypto industry leaders and congressional staffers he met with regularly. But at 6-foot-1 and 205 pounds, he had other attributes welcome in Trump’s White House: a camera-ready jaw line, a staunch belief in the MAGA agenda and a documented refusal to accept the results of the 2020 presidential election. Also, during the fall of 2024, a business he operated with his father donated $1 million in billboard advertising to a political action committee supporting Trump’s campaign.
As the president’s choice to head the new administration’s council on digital assets, Hines worked on a range of issues, from establishing a federal stockpile of digital currencies to recommending new guidelines for regulation of crypto. A top priority was the Genius Act.
By early February 2025, the bill was circulating in Washington. Later that month, as crypto executives and lawmakers gathered at Washington’s Willard Hotel to discuss the bill, a surprise visitor showed up, according to two people who attended: Tether’s Ardoino. He told his fellow attendees that his company was serious about deterring money laundering, the people said.
In March, Ardoino posted photos of himself at the US Capitol and the White House. He told the New York Times that he’d been careful not to speak with Lutnick after Lutnick’s February confirmation as commerce secretary, to avoid any conflicts of interest.
That same month, Tether hired a Washington lobbyist who’d been representing Cantor Fitzgerald on stablecoin-related issues since 2024: Jeff Miller. Miller served in leadership roles for both of Trump’s inauguration committees, and his firm had become one of Washington’s most successful during Trump’s first term. Throughout 2025, Miller Strategies was paid $570,000 — with $480,000 from Cantor and $90,000 from Tether. “It’s very important that our voice is properly heard,” Ardoino told Bloomberg TV.
Hines, meanwhile, settled into his job. He argued that lawmakers had no right to oppose the president’s wishes, said people familiar with the matter, and pressured them to reach speedy agreements. He also began signaling that he considered concerns about the illicit use of digital tokens to be overblown. “You’re a pretty dumb criminal if you want to use digital assets to do something nefarious because that can be traced publicly in many cases,” he said during an April interview with Bitcoin Magazine.
The earliest drafts of the Genius Act troubled Tether’s competitors and Democratic lawmakers because it walked back restrictions that had been written into the 2024 versions of stablecoin legislation.
In May, a group of Democrats — including those seen as moderates on crypto — revolted, temporarily blocking the measure from advancing. In a closed-door meeting with other Democrats, two people familiar with the matter said, Senator Chuck Schumer of New York implored his colleagues to review records the Biden administration’s National Security Council had compiled about Tether’s practices and make certain the Genius Act provided strong enough safeguards to deter money laundering by US adversaries.
That month, Massachusetts Senator Elizabeth Warren urged other Democrats to reject the latest version of the bill, which she said loosened the rules to further benefit Tether.
Senator Elizabeth Warren questioned the Genius Act’s provisions. Source: Senator Elizabeth Warren/YouTubeHines brushed such concerns aside, according to people familiar with the discussions. He often invoked Trump, saying that the president wanted a deal done soon. Republican legislative leaders pressed on with the bill.
A late hurdle was the timing of the bill’s provisions. During private negotiations, Hines insisted that Republicans refuse to drop the three-year grace period — even though Democrats were seeking to cut it in half. In meetings, he said that Tether wanted three years, said three people familiar with the matter.
Ultimately, Hines prevailed. The July bill signing ceremony brought many of the bill’s important supporters together at the White House.
“Where’s Bo Hines?” Trump asked from the dais, scanning until he spotted him in the front row. “Hi, Bo! And Bo was a great football player, right? Bo was a great football player, one of the better players in college football so I know you from that also.” (Hines was a standout receiver for the North Carolina State Wolfpack in 2014; he subsequently transferred to Yale University, where shoulder injuries hampered his football career.)
Hines stood to a round of applause and sat down. To his immediate right, also in the front row, was Tether’s CEO, Ardoino. One month later, Tether announced that it was hiring Hines as an adviser. Soon thereafter, he was promoted to chief executive of Tether’s new US product called USAT. This new token accounts for just a fraction of Tether’s business, with roughly $186 million of them in circulation. Hines told a crypto conference last year that he expects both USAT and USDT to meet Genius Act standards.
Also seated in the signing ceremony’s front row, between Hines and Vice President Vance, was Lutnick. Trump called on him to stand for applause, praising his work on tariff negotiations. “You have done a great job, Howard,” the president said.
Three months later, Lutnick completed the sale of Cantor Fitzgerald to trusts benefiting his children. The day after it closed, a document was filed in New York that showed Tether had loaned one of those trusts an undisclosed sum of money.
Lutnick has declined to reveal what his children paid for his holdings or whether the loan they received from Tether was used to finance the transaction. That year, Tether had been speaking to investors about a $500 billion capital raise. At that valuation, Cantor Fitzgerald’s potential 5% stake in the company would have been worth $25 billion on paper.
(Updates to say in 15th paragraph that Tether's statement came directly from the company.)
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How did Tether — the largest stablecoin issuer in the world — go from fighting stablecoin regulation to supporting the Genius Act? That’s the subject of a new Bloomberg News investigation into how Trump insiders helped to loosen safeguards and shape the process that led to the law in ways that benefitted the company.
It was billed as cryptocurrency’s big moment, President Donald Trump’s first legislative victory in his drive to make the US the “crypto capital of the world.”
Surrounded by lawmakers and industry executives in the East Room of the White House, Trump signed the Genius Act into law a year ago this month, celebrating it as a step toward bringing digital assets into the mainstream of American finance.
By providing the first set of federal rules for a type of crypto known as stablecoins, the legislation aimed to inspire public confidence in a $300 billion marketplace. It promised protections against ...
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President Donald Trump’s advisers Howard Lutnick and Bo Hines allegedly worked behind the scenes before and after Trump’s return to office to weaken parts of the GENIUS Act and shape provisions that favored Tether, the largest stablecoin issuer, Bloomberg reported Wednesday, citing interviews and a court filing.
The report also relies on anonymous crypto industry executives, lobbyists, and current and former US officials who said the pair were among the administration’s most influential voices on the bill.
Preferred provisions survived despite Democratic opposition Earlier bipartisan efforts in 2023 and 2024, led by Senators Cynthia Lummis and Kirsten Gillibrand, sought to impose strict anti-money-laundering requirements on foreign stablecoin issuers like Tether.
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According to the report, Lutnick, then still running Cantor Fitzgerald, which manages Tether’s reserves, lobbied against these measures throughout 2024, while publicly defending the company’s reserve claims. A court filing alleges Tether’s chairman told an associate that Lutnick had effectively blocked the legislation.
After Trump’s inauguration, negotiations over the GENIUS Act drew objections from Senate Democrats, including Elizabeth Warren and Chuck Schumer, who argued the bill had been weakened relative to earlier drafts and could allow continued misuse of stablecoins by sanctioned actors.
Hines, then leading the administration’s digital asset efforts, was said to have downplayed objections and pushed for rapid passage of the bill.
During negotiations, he reportedly argued that Tether’s preferred three-year compliance grace period, rather than the Democrats’ proposed 18-month timeline, was non-negotiable for the White House.
The final version signed by Trump kept that provision, as well as measures allowing foreign regulatory recognition and reducing issuer accountability on decentralized platforms.
The report notes that both advisers had financial or professional ties to Tether that emerged before or shortly after the law’s passage, including Cantor’s discounted stake purchase, a Tether investment in a Trump-linked media company, Hines’ subsequent hiring by Tether, and a company loan to a trust benefiting Lutnick’s family.
Tether and the White House have defended the process as lawful and standard, while critics cited in the piece, including a former Treasury official, warn the resulting loopholes could undercut US anti-money-laundering enforcement and the dollar’s role in global finance.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
A vulnerability in Zilliqa’s Ledger app, present since 2019, lets attackers rebuild a signer’s private key from data already public on the blockchain.
Original Image Credit: Roderart / commons.wikimedia.org
Posted July 22, 2026 at 3:57 pm EST.
Layer-1 network Zilliqa has suspended all native transactions after disclosing a vulnerability in its Ledger app that lets attackers reconstruct a user’s private key from information already recorded on the blockchain. The flaw affects every version of the app released since 2019, and the team says active exploitation was observed on July 19.
The bug sits in how the app generates Schnorr signatures for native, non-EVM Zilliqa transactions. “The vulnerability causes signatures to be generated with predictably weakened ephemeral nonces, from which an attacker can recover the signer’s private key,” Zilliqa said in a Wednesday post. Because the weakness leaks through signatures that are permanently public on-chain, any account that has broadcast about five or more native transactions signed with the Ledger app should be treated as compromised, regardless of any later software patch, Zilliqa said.
The disclosure follows a warning earlier in the week. Zilliqa on Monday asked exchanges to pause ZIL deposits and withdrawals after identifying a breach that resulted in the theft of an undisclosed amount of the token from a cold wallet. Major South Korean exchange Upbit has since designated ZIL a cautionary asset across its won and bitcoin markets, keeping deposits and withdrawals frozen and warning that trading support could be terminated if the issue is not resolved.
ZIL traded above $0.0024 on Wednesday, down roughly 19% over the week.
Zilliqa said protective measures are in place to prevent further losses and that a coordinated remediation plan is being finalized, including a corrected version of the app published in coordination with Ledger. Users who moved ZIL through EVM-compatible tooling are not affected.
For now, Zilliqa is telling anyone holding a potentially exposed key to wait for instructions before taking any action.
Related Listen: The Chopping Block: Zcash Infinite Mint Bug + AI Hackers vs Formal Verification + NEAR’s Agent Vision
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Zilliqa has suspended native ZIL transactions after disclosing a critical flaw in its Ledger application that can allow attackers to recover private keys from public transaction signatures.
Summary
Zilliqa halted native transactions after a Ledger app flaw exposed private keys from public signatures. Accounts signing roughly five native transactions with Ledger devices should be treated as compromised permanently. Upbit flagged ZIL as cautionary while EVM transactions and Zilliqa software development kits remain unaffected. The bug affected every released version of the app from 2019 through 2026 and applies to native, non-EVM transactions signed with Ledger devices.
The network said it observed onchain activity consistent with active exploitation on July 19 and confirmed the root cause on July 21. Zilliqa has prepared a corrected Ledger app build, but the fix cannot protect keys exposed through earlier signatures. Native transactions remained suspended in the latest official update while the team finalized a coordinated recovery plan.
Zilliqa Ledger bug weakened transaction signatures The flaw affected how the Zilliqa Ledger app generated Schnorr signatures for native transactions. Each signature needs a fresh random number, known as a nonce, to protect the private key. Zilliqa said the app generated enough random data but copied the wrong 32 bytes into the signing process. The mistake left the highest 64 bits of every nonce fixed at zero.
The reduced randomness allowed attackers to compare several public signatures from the same account and reconstruct its private key. Zilliqa said accounts that broadcast roughly five or more affected native transactions should be treated as compromised. The project said the recovery process can take seconds on ordinary hardware once enough signatures are available.
Because the signatures remain permanently recorded onchain, updating the Ledger app cannot repair an already exposed key. Zilliqa said affected keys must be retired. It also warned against simply moving funds when transactions restart because an attacker holding the recovered key could try to send a competing transaction.
Native transactions stop while EVM users remain unaffected Zilliqa suspended native transactions after identifying the flaw, blocking further native transfers while the team develops a method to protect affected balances. The project asked Ledger users who signed native transactions to wait for official instructions.
“Users who have signed native Zilliqa transactions with a Ledger device should await official guidance before taking any action,” Zilliqa noted.
The issue does not affect EVM transactions, according to Zilliqa. The project also said its software development kits, including zilliqa-js, gozilliqa-sdk and pyzil, generate nonces correctly. Users who only transact through EVM-compatible tools therefore sit outside the affected signing path.
Nonce-Generation Vulnerability in the Zilliqa Ledger App: A critical vulnerability has been identified in the Zilliqa Ledger application affecting the generation of Schnorr signatures for native (non-EVM) Zilliqa transactions. The vulnerability causes signatures to be generated… https://t.co/sudV7WA3TV
— Zilliqa (@zilliqa) July 22, 2026 Zilliqa credited KuCoin with helping trace the problem. The exchange recovered affected private keys from public signatures, helped confirm active exploitation and assisted in identifying the faulty nonce-generation process. Zilliqa said the cooperation helped it introduce protective measures while preparing a broader recovery plan.
Upbit places ZIL under caution after disclosure South Korean exchange Upbit placed ZIL under cautionary status after the vulnerability became public. The designation covers its KRW and BTC markets, while ZIL deposits and withdrawals remain suspended. Trading support could face further review if the issue is not resolved through the exchange’s monitoring process.
The exchange action comes while Zilliqa works on securing balances controlled by keys that may already be recoverable. A corrected Ledger build has been prepared, but the project has not yet published its full recovery procedure or announced when native transactions will resume.
As crypto.news reported on July 20, Zilliqa had already asked exchanges to pause ZIL deposits and withdrawals after an exchange partner reported a cold-wallet theft. At that stage, the project had not disclosed the stolen amount, affected exchange or attack method. Zilliqa has not publicly stated whether that earlier theft was caused by the Ledger flaw.
Bug follows earlier Zilliqa network disruptions The Ledger vulnerability differs from earlier Zilliqa outages because it affects private-key security rather than block production or node synchronization. Still, the disclosure follows several technical disruptions that affected the network in previous years.
Moreover, Zilliqa announced a permanent fix in September 2024 after a bug halted block production. The network later suffered another outage in January 2025 linked to node synchronization problems before restoring full service. Zilliqa has not connected those incidents to the Ledger app flaw.
The current issue also sits outside Ledger hardware itself. Zilliqa described the problem as a defect in its own Ledger application’s native signing code. The corrected build restores full-width nonce generation and should prevent new weak signatures once released.
For affected users, the old transaction history remains the main risk. Public signatures cannot be removed from the blockchain. Zilliqa said users who signed about five or more native transactions with a Ledger device should consider their keys compromised and wait for recovery instructions. The network has not announced a date for restoring native transactions.
Gold prices fell in Pakistan on Thursday, according to data compiled by FXStreet.
The price for Gold stood at 36,752.01 Pakistani Rupees (PKR) per gram, down compared with the PKR 36,809.85 it cost on Wednesday.
The price for Gold decreased to PKR 428,671.30 per tola from PKR 429,342.90 per tola a day earlier.
Unit measure
Gold Price in PKR
1 Gram
36,752.01
10 Grams
367,524.50
Tola
428,671.30
Troy Ounce
1,143,116.00
FXStreet calculates Gold prices in Pakistan by adapting international prices (USD/PKR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
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Gold prices remained broadly unchanged in Malaysia on Thursday, according to data compiled by FXStreet.
The price for Gold stood at 542.61 Malaysian Ringgits (MYR) per gram, broadly stable compared with the MYR 542.61 it cost on Wednesday.
The price for Gold was broadly steady at MYR 6,328.04 per tola from MYR 6,328.87 per tola a day earlier.
Unit measure
Gold Price in MYR
1 Gram
542.61
10 Grams
5,425.26
Tola
6,328.04
Troy Ounce
16,876.21
FXStreet calculates Gold prices in Malaysia by adapting international prices (USD/MYR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold prices remained broadly unchanged in India on Thursday, according to data compiled by FXStreet.
The price for Gold stood at 12,809.96 Indian Rupees (INR) per gram, broadly stable compared with the INR 12,820.56 it cost on Wednesday.
The price for Gold was broadly steady at INR 149,412.40 per tola from INR 149,536.50 per tola a day earlier.
Unit measure
Gold Price in INR
1 Gram
12,809.96
10 Grams
128,101.40
Tola
149,412.40
Troy Ounce
398,434.50
FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
S&P Dow Jones Indices and Pantera Capital have introduced a new digital asset index focused on tracking blockchain networks and protocols based on protocol revenue. This approach marks a shift from traditional crypto benchmarks that rely on market capitalization or token prices.
Protocol revenue as the key metricThe index is derived from the S&P Cryptocurrency Broad Digital Asset Index and screens assets for minimum levels of protocol revenue, market capitalization, and liquidity. Once assets meet these requirements, eligible networks are ranked by their total protocol revenue over the previous two quarters. The final composition is then weighted by adjusted market capitalization, with a maximum allocation of 35% for the largest holding and up to 20% for most other constituents. The index undergoes quarterly rebalancing.
S&P Dow Jones Indices and Pantera Capital stated that the benchmark targets institutional investors and could be utilized as the basis for investment products or as a reference point for actively managed portfolios. According to S&P, the index’s rules-based structure is designed to differentiate established blockchain activity from more speculative digital assets.
The index’s methodology prioritizes blockchain networks with substantial protocol revenue, aiming to give investors exposure to projects generating meaningful economic activity rather than just speculative value.
Constituents and methodologyAt launch, the index consisted of 18 digital assets, with Ether (ETH), BNB (BNB), Solana (SOL), TRON (TRX), and Hyperliquid (HYPE) as the largest holdings. Bitcoin (BTC) and XRP (XRP), which rank prominently in the broader S&P Cryptocurrency Broad Digital Asset Index, were excluded due to the protocol revenue selection criteria.
Mini dictionary: S&P Dow Jones Indices is a major global index provider, best known for benchmarks like the S&P 500, while Pantera Capital is a prominent blockchain investment firm focused on crypto startups and digital asset strategies.
IndexConstituentsLargest HoldingsWeighting MethodS&P Digital Asset Index18 tokensETH, BNB, SOL, TRX, HYPEAdjusted market cap, max 35%S&P Cryptocurrency Broad Digital Asset IndexWider selectionIncludes BTC, XRPMarket capitalizationRecent trends in digital asset benchmarksThe launch expands S&P Dow Jones Indices’ broader efforts in the crypto space. In October, the index provider rolled out the S&P Digital Markets 50 Index, which blends 15 cryptocurrencies with 35 public companies involved in the crypto sector.
This latest index is part of a growing movement in the industry to create institutional-grade benchmarks for digital assets. As traditional financial institutions continue to expand their crypto offerings and tokenized assets become more popular, demand for reliable metrics has increased.
Earlier this year, Hashdex introduced the Nasdaq Crypto Index US ETF, the country’s first multi-asset spot crypto ETF. Franklin Templeton followed with its own index fund, providing exposure to Bitcoin and Ether through a capitalization-weighted approach.
In April, MarketVector Indexes and Coinbase Asset Management released the Coinbase Store of Value Index. This new benchmark combines Bitcoin and tokenized gold, using an inverse-volatility weighting to capture diversified exposure.
Matt Hougan, chief investment officer at Bitwise, highlighted in December that crypto index funds are expected to see significant growth in 2026. Hougan argued that as the asset class matures and becomes more complex, diversified index offerings are likely to become more attractive for investors who want exposure to digital assets without attempting to pick individual winners.
With the fast-paced evolution of blockchain networks and uncertainty over long-term leaders, diversified index products may appeal to investors seeking broader market exposure.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Circle, the company behind the USDC stablecoin, signed a memorandum of understanding with Kakao Group on July 23 to jointly explore blockchain-based payment systems and digital asset technologies in South Korea.
The deal pairs one of the world’s largest stablecoin issuers with the tech conglomerate that essentially runs South Korea’s digital life. Kakao operates everything from the country’s dominant messaging app to its own banking platform, making it a gateway to tens of millions of Korean consumers.
Why Kakao matters For anyone unfamiliar with the Korean tech ecosystem, think of Kakao as a hybrid of WhatsApp, Venmo, and a mid-size bank, all rolled into one corporate umbrella. KakaoTalk, its messaging platform, is used by virtually every smartphone owner in the country. KakaoBank is one of the largest digital banks in Asia.
The MOU is focused on exploration rather than a finished product launch. No specific products or timelines have been disclosed.
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Circle’s broader Korea playbook This isn’t Circle’s first move on the Korean peninsula. In May 2025, the company signed a separate MOU with Hana Bank, one of South Korea’s major financial institutions. That partnership expanded to include Hana Card, with the stated goal of driving USDC adoption for cross-border remittances and treasury services.
Circle has been clear that it has no plans to issue a Korean won-denominated stablecoin. The company is betting that USDC, as a dollar-pegged asset, serves a different and complementary role to whatever local stablecoin products emerge.
KakaoBank reached the development stage for a KRW-pegged stablecoin by late November 2025. So even within this new partnership, the two sides may end up operating parallel stablecoin strategies rather than a single unified one.
Kakao’s blockchain evolution Kakao launched its own blockchain, Klaytn, back in 2019. That chain went through a significant transformation in 2024, merging into a new high-performance Layer-1 blockchain called Kaia.
Circle went public in 2025, and the IPO generated notable interest among Korean retail investors.
What this means for investors South Korea’s cross-border remittance market is substantial, and stablecoins have a genuine cost advantage over traditional wire transfers. Tether’s USDT has historically dominated Asian markets, but Circle’s strategy of embedding USDC directly into regulated financial institutions could chip away at that lead in jurisdictions where compliance matters to partners.
The risk side of the ledger isn’t empty. South Korea banned ICOs in 2017, introduced strict exchange registration requirements, and has periodically spooked markets with regulatory signals.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
The exploit targeted a bridge operated by derivatives exchange AFX and emptied nearly all of the USDC locked in the contract, according to security firm Blockaid. Arbitrum co-founder Steven Goldfeder said the network's native bridge was not affected.
AFX Trade, a derivatives exchange that settles trades in USDC, was exploited for approximately $24.15 million on July 22 after an attacker targeted a bridge the protocol operates on Arbitrum, according to security firm Blockaid.
Blockaid said it detected the exploit at 21:30 UTC and published the transaction on Arbiscan. "The exploit was specific to a bridge that AFX operates," the firm wrote, adding that it is working with the Arbitrum team "to respond to the incident, to engage with the affected protocol, and to help them contain the stolen funds."
The attacker moved the funds to Ethereum and swapped them for 12,467 ETH at an average price of $1,937, according to onchain analytics account Lookonchain, which linked to the exploiter's address on Arkham.
AFX had not published a statement on its X account as of the time of writing. The Defiant reached out to AFX for comment.
Arbitrum Says Native Bridge UnaffectedSteven Goldfeder, co-founder of Arbitrum developer Offchain Labs, said the exploit did not compromise Arbitrum's own infrastructure.
"We're aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way," Goldfeder wrote. "We will coordinate with the third party team and will report more details when we have them."
Nearly All Bridge Deposits DrainedThe AFX bridge contract on Arbitrum held about $24.2 million in USDC before the attack, according to DefiLlama, meaning the exploit drained nearly all of the funds locked in the contract. Deposits in the bridge had grown from about $19.3 million in mid-June.
AFX, short for Anti-Fragile Exchange, describes itself as a sovereign Layer 1 blockchain built for decentralized derivatives, offering USDC-margined perpetuals with up to 100x leverage on crypto assets, equities, ETFs and commodities, according to its website. User deposits enter the protocol through the Arbitrum-based bridge contract that was targeted in the attack.
The attack follows a string of exploits targeting protocols on Arbitrum in July. On July 15, perpetuals exchange Ostium halted trading after an attacker manipulated its oracle system to drain up to $18 million in USDC from its liquidity vault.
Markets showed little immediate reaction. ETH was trading at about $1,928, roughly flat over 24 hours, while ARB was down 0.3% at $0.0806, according to CoinGecko. ARB set an all-time low of $0.0705 on June 26.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, The next billion people entering crypto won't look like the last billion. Different countries, different starting points, different reasons for showing up - and different assets on their radar. We want to hear your take. Who are they, and what are they buying? Join our latest community challenge on the Binance Angels X account and Binance Discord, create a post on the topic below for a chance to win a share of 500 USDC token vouchers! Activity Period: 2026-07-22 09:00 (UTC) to 2026-07-28 23:59 (UTC) How to Participate: During the Activity Period, complete all of the following steps to be eligible: Follow the Binance Angels X account.Repost this post with your take on "What the world's next billion investors look like - and what they're buying." Ground it in something real: a region, a generation, a trend, an asset class.Go to this Binance Discord channel and share:Your X post link; andYour X account username. Reward Structure: The best 20 posts will be selected at Binance’s sole discretion, and eligible winners will share a prize pool of 500 USDC token vouchers equally. The posts will be selected based on creativity, Binance brand relevance, and accuracy as per Binance's discretion. Activity Rules: Each user is allowed to submit a maximum of 1 submission for the whole campaign in the Binance Discord channel.Copied, hateful, or offensive content is not allowed and will not be counted as eligible for this Activity. Terms & Conditions: This campaign is not available for users in the EEA region. These terms and conditions (“Promotion Terms”) govern users’ participation in the promotion above (“Promotion”). By participating in this Promotion, users agree to these Promotion Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the case of any inconsistency or conflict between these Promotion Terms, and any other incorporated terms, the provisions of these Promotion Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Only users who complete identity verification during the Activity Period can qualify for rewards in the Promotion. The products or features referred to above may not be available in your region. Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Binance services in each country from which the services are accessed.Only users in eligible countries are able to participate in this activity. Rewards will be distributed on 2026-08-15 on Binance Rewards Hub. Eligible users will be able to login and redeem their token voucher rewards via Profile > Rewards Hub. The validity period for the token voucher is set at 30 days from the day of distribution. Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments. There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-07-23
Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
37 minutes ago
Binance will suspend trading on July 25 for system upgrades.
According to an official announcement, Binance will support its partner brokers in carrying out a scheduled system upgrade, during which its stock trading service will be suspended from 10:50 to 14:00 UTC on July 25. Users will not be able to submit stock trading orders during the upgrade period. Binance stated that the upgrade is scheduled outside regular U.S. stock trading hours, and the service is expected to automatically resume after the upgrade is completed. The exact resumption time may be earlier or later than the planned window, so users are advised to arrange their relevant trading activities in advance.
37 minutes ago
Yesterday, Bitcoin spot ETFs recorded a net inflow of $69.1 million, while Ethereum spot ETFs saw a net inflow of $72.7 million.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
37 minutes ago
The on-chain tokenized GME stock on Robinhood Crypto once traded at a significant premium, as market makers engaged in continuous mint arbitrage.
According to market data, trading activity in GME meme tokens and GME tokenized stocks on Robinhood Crypto has driven a rapid rise in the prices of their underlying liquidity pools. The on-chain price of GME tokenized stocks once traded at a roughly 10x premium over the actual underlying stock price. Given the relevant trading pools hold only around $200,000 in liquidity, heavy buying pressure pushed prices to deviate sharply from the spot level. Currently, mint and burn permissions for GME tokenized stocks are restricted to Authorized Participants (APs) and market makers that have completed Know Your Business (KYB) verification. On-chain data shows the official mint address is continuously issuing additional tokens to inject market liquidity; the latest records indicate new mint transactions occur nearly every minute, aimed at easing the premium and guiding prices back to their fair value.
37 minutes ago
Kazakhstan will incorporate strategic digital mining into the development of its national cryptocurrency reserve, requiring mining firms to surrender a portion of their mining assets.
Kazakhstan’s government has approved the "Implementation Rules for Strategic Digital Mining", allowing eligible enterprises to secure power quotas for up to 10 years at a capped electricity price. In exchange, participating firms must transfer a portion of their mined crypto assets to the Astana Hub Autonomous Cluster Fund, which is managed by the National Investment Company under Kazakhstan’s National Bank to bolster the country’s strategic crypto reserves. Under the new regulations, digital mining operators must submit applications via the E-licensing system, gain approval from a special committee, sign an agreement with Astana Hub within 5 working days, and finalize a power purchase contract with a power generation company to participate in the strategic digital mining program.
Intel and AMD are reportedly signing long-term server CPU procurement agreements with Chinese clients, with some products seeing price hikes of over 40% this year.
According to Reuters, driven by the boom in AI data center construction, Intel and AMD are signing longer-term server CPU procurement agreements with Chinese server clients, with some terms exceeding two years to lock in purchasing volumes, though prices are generally not fixed. The report notes that demand for AI infrastructure has expanded from GPUs to areas including server CPUs, storage, networking equipment and memory. Some Chinese server CPU products have seen prices rise by over 40% year-to-date, with monthly increases for certain products exceeding 10%. Earlier, Reuters reported that the delivery cycle for some of Intel’s Xeon server CPUs has extended to up to six months.
37 minutes ago
Binance will suspend trading on July 25 for system upgrades.
According to an official announcement, Binance will support its partner brokers in carrying out a scheduled system upgrade, during which its stock trading service will be suspended from 10:50 to 14:00 UTC on July 25. Users will not be able to submit stock trading orders during the upgrade period. Binance stated that the upgrade is scheduled outside regular U.S. stock trading hours, and the service is expected to automatically resume after the upgrade is completed. The exact resumption time may be earlier or later than the planned window, so users are advised to arrange their relevant trading activities in advance.
37 minutes ago
Yesterday, Bitcoin spot ETFs recorded a net inflow of $69.1 million, while Ethereum spot ETFs saw a net inflow of $72.7 million.
According to data from Farside Investors, U.S. spot Bitcoin ETFs logged a total net inflow of $69.1 million yesterday. BlackRock’s IBIT led with a $38.8 million net inflow, followed by Fidelity’s FBTC at $21.5 million, Bitwise’s BITB at $5.4 million, and MSBT at $3.8 million. Grayscale’s GBTC, however, saw a net outflow of $38.3 million, while all other products had zero net flow. In the same period, U.S. spot Ethereum ETFs posted a total net inflow of $72.7 million: BlackRock’s ETHA took in $53.5 million, Fidelity’s FETH added $19.2 million, and all other products recorded no net flow.
37 minutes ago
The on-chain tokenized GME stock on Robinhood Crypto once traded at a significant premium, as market makers engaged in continuous mint arbitrage.
According to market data, trading activity in GME meme tokens and GME tokenized stocks on Robinhood Crypto has driven a rapid rise in the prices of their underlying liquidity pools. The on-chain price of GME tokenized stocks once traded at a roughly 10x premium over the actual underlying stock price. Given the relevant trading pools hold only around $200,000 in liquidity, heavy buying pressure pushed prices to deviate sharply from the spot level. Currently, mint and burn permissions for GME tokenized stocks are restricted to Authorized Participants (APs) and market makers that have completed Know Your Business (KYB) verification. On-chain data shows the official mint address is continuously issuing additional tokens to inject market liquidity; the latest records indicate new mint transactions occur nearly every minute, aimed at easing the premium and guiding prices back to their fair value.
37 minutes ago
Kazakhstan will incorporate strategic digital mining into the development of its national cryptocurrency reserve, requiring mining firms to surrender a portion of their mining assets.
Kazakhstan’s government has approved the "Implementation Rules for Strategic Digital Mining", allowing eligible enterprises to secure power quotas for up to 10 years at a capped electricity price. In exchange, participating firms must transfer a portion of their mined crypto assets to the Astana Hub Autonomous Cluster Fund, which is managed by the National Investment Company under Kazakhstan’s National Bank to bolster the country’s strategic crypto reserves. Under the new regulations, digital mining operators must submit applications via the E-licensing system, gain approval from a special committee, sign an agreement with Astana Hub within 5 working days, and finalize a power purchase contract with a power generation company to participate in the strategic digital mining program.
AFX suffered a $24.15 million USDC loss after an attacker targeted a cross-chain bridge linked to the trading protocol on July 22.
Summary
AFX’s cross-chain bridge lost $24.15 million USDC while Arbitrum’s native bridge remained unaffected during attack. The exploiter moved stolen USDC to Ethereum and converted the proceeds into 12,467.5 ETH afterward. Security firms are tracing the stolen funds as AFX and Arbitrum teams investigate the breach. The incident triggered an investigation by Blockaid and the Arbitrum team, while on-chain trackers followed the stolen funds to Ethereum.
The attack did not affect Arbitrum’s native bridge. AFX operates its own sovereign Layer 1 for perpetual trading but accepts USDC deposits through Arbitrum. The affected infrastructure was a third-party bridge operated by AFX rather than Arbitrum’s core bridge.
AFX bridge loses $24.15 million USDC Blockaid said it detected the exploit at 9:30 p.m. UTC on July 22. The firm said the attack targeted a bridge operated by AFX and drained about 24.15 million USDC. An Arbiscan record shows a successful transfer of 24,150,000 USDC from the bridge contract to the recipient address at 9:30:25 p.m. UTC.
Blockaid detected an exploit at 2026-07-22 21:30 UTC targeting @AFX_XYZ, a protocol on @arbitrum. The exploit was specific to a bridge that AFX operates. Approximately 24.15M USDC has been drained thus far from the protocol.
Our team has been working with the incredible folks on… https://t.co/0Qd9ve5gPB
— Blockaid (@blockaid_) July 22, 2026 The security firm said it was working with the Arbitrum team to respond, contact the affected protocol and help contain the stolen funds. Based on the public updates reviewed at publication time, no recovery had been confirmed.
AFX had also not published a verified technical postmortem explaining how the attacker gained authorization to withdraw the funds. The protocol had not announced a recovery plan.
Offchain Labs co-founder Steven Goldfeder confirmed that the suspicious transaction came from a third-party protocol. He also separated the AFX incident from Arbitrum’s own bridge infrastructure.
“We’re aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third-party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way,” Goldfeder said.
He added that the team would coordinate with the third-party protocol and share more details when available.
AFX uses Arbitrum as a route for USDC deposits while running its trading system on a dedicated Layer 1. AFX describes itself as a decentralized derivatives platform built around a sovereign execution environment. A recent protocol post also said users could deposit USDC from Arbitrum before accessing its perpetual markets.
Exploiter converts stolen USDC into ETH PeckShield said the attacker moved the stolen USDC from Arbitrum to Ethereum and converted the proceeds into 12,467.5 ETH. Lookonchain separately reported that the exploiter bought about 12,467 ETH at an average price near $1,937 per ETH after moving the funds.
The conversion moved the stolen value from a U.S. dollar-pegged stablecoin into Ether, exposing the holdings to ETH price movements. Security teams continued tracing the funds after the swap. At publication time, the reviewed sources did not confirm that Circle had frozen the USDC before conversion or that any of the ETH had been recovered.
The attack adds to several bridge-related security incidents this year. As crypto.news previously reported, Stake DAO closed its vsdCRV bridge after an unauthorized mint on Arbitrum in May. The project said it secured the token’s mainnet backing and contained the incident to the affected bridge.
Earlier in April, a larger exploit hit Kelp DAO’s LayerZero-powered bridge. Attackers drained roughly 116,500 rsETH worth about $292 million. Arbitrum later froze more than 30,000 ETH linked to that attacker after the funds moved onto Arbitrum One.
Investigation focuses on AFX-operated infrastructure The investigation now centers on the AFX-operated bridge and the authorization process behind the 24.15 million USDC withdrawal. The confirmed transaction shows that the bridge contract finalized the transfer, but public statements do not yet establish the verified root cause. A full postmortem may determine whether the incident involved compromised validator credentials, faulty access controls or another weakness.
The main confirmed point is that the exploit affected infrastructure operated by AFX rather than Arbitrum’s native bridge. Blockaid and Offchain Labs both made that separation clear in their initial responses. The Arbitrum network continued operating, and reviewed reports showed no loss from its native bridge.
The incident also places attention on AFX’s deposit infrastructure. The protocol has promoted USDC deposits from Arbitrum as an entry route into its trading platform. Any changes to deposits, withdrawals or bridge operations will depend on the protocol’s response and the ongoing investigation.
The case remains developing. The confirmed loss stands at about $24.15 million in USDC, while on-chain trackers have traced the stolen value into roughly 12,467 ETH on Ethereum. Further updates are expected from AFX, Blockaid and the Arbitrum team as they review the breach and track the attacker’s funds.
New York, New York--(Newsfile Corp. - July 22, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Futu Holdings Limited (NASDAQ: FUTU) between May 24, 2023 and May 27, 2026, inclusive (the "Class Period"), of the important August 25, 2026 lead plaintiff deadline.
SO WHAT: If you purchased Futu securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Futu class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 25, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Futu was not in compliance with the requirements of the China Securities Regulatory Commission (the "CSRC"), including because Futu continued to conduct securities business, public fund sales business and futures business in mainland China without obtaining the requisite licenses or approval; (2) as a result, Futu was reasonably likely to face regulatory penalties, including the disgorgement of ill-gotten gains and other penalties; (3) as a result of the foregoing, Futu's financial results were overstated; and (4) as a result of the foregoing, defendants' positive statements about Futu's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Futu class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306187
Source: The Rosen Law Firm PA
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EUR/JPY extends its gains for the third successive day, trading around 186.40 during the Asian hours on Thursday. The currency cross is keeping a bullish near-term bias as it holds above both the nine-day and 50-day Exponential Moving Averages (EMAs). The short-term EMA trading over the longer one reinforces an upward structure.
The 14-day Relative Strength Index (RSI) at 59.46 stays in positive territory without yet signaling overbought conditions, hinting that buyers still retain control but face nearby upside constraints.
The daily chart technical analysis shows the currency cross is positioned above the upper boundary of an ascending triangle, suggesting a bullish breakout. Further advances would support the currency cross to navigate the region around the all-time high of 187.95, which was recorded on April 17.
On the downside, a return within the triangle would expose the initial support at the nine-day EMA of 185.81, with additional backing at the 50-day EMA of 185.23 and the lower boundary of the ascending triangle near 185.20.
Further declines below the triangle pattern would undermine the bullish setup and put downward pressure on the EUR/JPY cross to navigate the region around the five-month low of 181.87, recorded on March 16, and the seven-month low of 180.81.
EUR/JPY: Daily Chart(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Price Today The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.
USDEURGBPJPYCADAUDNZDCHFUSD-0.18%-0.10%-0.07%-0.17%-0.30%-0.05%-0.14%EUR0.18%0.09%0.13%0.00%-0.12%0.15%0.03%GBP0.10%-0.09%0.04%-0.10%-0.21%0.06%-0.05%JPY0.07%-0.13%-0.04%-0.12%-0.25%-0.00%-0.10%CAD0.17%-0.00%0.10%0.12%-0.14%0.13%0.01%AUD0.30%0.12%0.21%0.25%0.14%0.27%0.18%NZD0.05%-0.15%-0.06%0.00%-0.13%-0.27%-0.12%CHF0.14%-0.03%0.05%0.10%-0.01%-0.18%0.12% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Buzz is building around a new cloud computing business from Meta Platforms (META -2.53%), and it looks like the stars are aligning for it to make the announcement on July 29 when it reports second-quarter earnings.
The Facebook-parent has yet to make a formal acknowledgment about adding cloud infrastructure operations, but CEO Mark Zuckerberg indicated it was a strong possibility earlier this year when he said a cloud business is "definitely on the table."
A few weeks ago, Bloomberg said that the company is building out a cloud computing business, and just a few days ago, The New York Times said the company was in talks to lease computing power to Anthropic in a deal that could be valued at $10 billion over the next two years.
Image source: Getty Images.
Meta hasn't confirmed these reports, but the rumors make a lot of sense as the company said it would plow between $125 and $145 billion into capex this year, much of that going to AI infrastructure. However, it's the only one of the four major hyperscalers, which includes Alphabet, Microsoft, and Amazon, to not have its own cloud computing business.
Demand for AI infrastructure is soaring, and the recent second-quarter report from Alphabet confirmed that as the company reported 82% revenuet growth to $24.8 billion in Google Cloud and operating income more than tripled to $8.8 billion. It's worth noting that Google Cloud was losing money just a few years ago, but the AI boom clearly changed that.
With numbers like that, Meta investors are likely chomping at the bit for it to launch its own cloud business.
Today's Change
(
-2.53
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Current Price
$
627.52
Why Meta stock could soar on the news Adding a cloud computing business would solve a lot of problems for Meta. It would reassure investors that there's a profitable business attached to its soaring capex spend, rather than experiments like the metaverse and reality labs that have already burned tens of billions of dollars.
A cloud computing business would also help the company develop a second revenue stream to diversify and complement its ad business, much like Alphabet has done with Google Cloud.
Finally, a cloud business would tap into existing demand, as Zuckerberg said his company gets asked about cloud services weekly, and it would leverage infrastructure already in place, as it's invested heavily in its own AI infrastructure.
For Meta, the move looks like a no-brainer, and the stock looks cheap at a price-to-earnings ratio of just 24. At that valuation, it won't take much for the stock to pop.
Jeremy Bowman has positions in Amazon and Meta Platforms. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, and Microsoft. The Motley Fool has a disclosure policy.
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Tesla said Robotaxi operates in seven US markets, with six now offering unsupervised rides. Tim Goessman/Bloomberg via Getty Images Tesla has some numbers to tout for its progress on Robotaxi.
CEO Elon Musk and other executives said during Tesla's second-quarter earnings call on Wednesday that the company continues to expand its autonomous ride-hailing platform, adding more cities and more unsupervised rides.
Since Tesla first launched Robotaxi in June 2025 with a small fleet of Model Ys and safety monitors, the rollout of the company's ride-hailing service has been slower than Musk's predictions.
The CEO said in July 2025 that Tesla could reach half the US population by the end of 2025, pending regulatory approval.
Tesla now lists seven US metropolitan regions, including two Florida cities — Orlando and Tampa — announced on the eve of the company's Q2 earnings call.
The company has yet to disclose the size of its overall fleet, number of paid rides, intervention rates, or the economics of each trip.
Musk said during the earnings call that safety is central to the constraints on Robotaxi's deployment scale.
"If we injure even one person, it will be worldwide headline news, and regulators will immediately clamp down on our activities," he said. "We're going as fast as humanly possible in scaling Robotaxi, but while trying to ensure that we do not harm anyone at all and ideally do not even run over a pet."
Here are seven numbers that demonstrate Tesla's Robotaxi progress:
1. Nearly 2.5 million total paid milesTesla said in its shareholder deck that Robotaxi had reached nearly 2.5 million cumulative paid miles by the end of the second quarter.
The figure includes trips with a safety monitor — a human supervisor who oversees the autonomous software — in the car. In the San Francisco Bay Area, a safety monitor remains behind the wheel.
2. More than 380,000 unsupervised milesAshok Elluswamy, Tesla's VP of AI, said Robotaxi has driven more than 380,000 unsupervised miles across six cities in two different states.
This is one of the more concrete figures Tesla has provided around its progress for unsupervised rides. Tesla has yet to reveal how many cars are operating without a safety monitor.
For comparison, Alphabet's Waymo has driven more than 200 million fully autonomous, rider-only miles.
3. More than 10% weekly mileage growthMusk said Robotaxi has seen a growth rate of more than 10% for miles driven per week.
Similarly, Elluswamy said unsupervised mileage has increased at "double-digit growth rates" per week since the beginning of the year.
"We expect to continue growing at such a large rate through the rest of this year," Elluswamy said.
4. Seven US metropolitan regionsTesla said Robotaxi is now active in seven US markets: Austin, Dallas, Houston, Miami, Orlando, Tampa, and the San Francisco Bay Area.
All regions except for the Bay Area are "ramping unsupervised" rides, the company said in the shareholder deck.
Tesla is also targeting Phoenix and Las Vegas, with "preparations underway."
Meanwhile, Waymo operates in 11 US regions.
5. Zero 'notable incidents' from RobotaxiElluswamy said that there have been "zero notable incidents" over the more than 380,000 unsupervised Robotaxi miles driven. He added that the known incidents involved other road users hitting stationary Teslas.
Tesla has reported crashes to federal regulators, including two low-speed crashes that occurred after Tesla's teleoperator assumed direct control of the car. Both incidents had a safety monitor behind the wheel.
Elluswamy said the progress was a "huge validation of Tesla's entire AI approach."
6. More than 125,000 Cybercabs in manufacturing capacityTesla said it installed an annual manufacturing capacity of more than 125,000 Cybercabs — the company's purpose-built robotaxi — at Gigafactory Texas. Production began during the second quarter.
For comparison, Zoox, Amazon's robotaxi venture, says its factory in Hayward, California can assemble more than 10,000 purpose-built robotaxis a year once it operates at full scale. Waymo has said that its Arizona plant can build "tens of thousands" of robotaxis at full buildout.
Tesla's number does not represent the current production rate, which was not disclosed.
Musk said the Cybercab needs to accumulate more driving data specific to its chassis before the company can put more on the road.
Employees have started taking autonomous rides in the car at Gigafactory, Tesla said.
7. Nearly 1.5 million paid FSD customersTesla reported 1.48 million paying customers of Full Self-Driving, the automaker's advanced driver-assistance system. That represents a 56% year-over-year increase.
While FSD for personally owned vehicles requires constant human supervision, one of Tesla's long-standing promises is that the tech will no longer require driver monitoring.
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Tesla stock NASDAQ:TSLA sank more than 4% in after-hours trading after second-quarter results exposed the mounting cost of Elon Musk’s push into artificial intelligence, autonomous taxis and humanoid robots.
Revenue rose 26% to $28.24 billion, beating Tesla’s company-compiled consensus of $27.58 billion.
Adjusted earnings were 33 cents a share, missing the 55-cent consensus. Capital expenditure more than doubled to $5.79 billion, pushing free cash flow to negative $1.09 billion.
The reaction came before regular US trading on Thursday and suggested investors now want more than ambitious timelines.
Tesla delivered a record second-quarter deliveries of 480,126 vehicles, up 25%, helping automotive revenue rise 23% to $20.52 billion. Energy generation and storage revenue increased 13% to $3.14 billion.
The strain appeared below the top line. Operating expenses climbed 47% to $4.35 billion, including a 49% increase in research and development spending to $2.37 billion.
Operating income fell 57% to $398 million, while operating margin narrowed to 1.4% from 4.1%.
Automotive gross margin excluding regulatory credits dropped to 16.3% from 19.2% in the first quarter.
Lower selling prices and a sharp fall in regulatory-credit revenue showed that higher deliveries did not translate cleanly into stronger profitability.
Tesla also booked a $763 million after-tax unrealised gain on its SpaceX stake. Because adjusted earnings exclude it, the profit miss reflected underlying operations rather than accounting.
Tesla Q2 earnings: AI progress is visible, but monetisation remains limitedTesla reported 1.48 million active Full Self-Driving subscriptions, up 56% year on year.
Cybercab production began, Robotaxi operations expanded across seven US metros, and on-site AI-computing capacity in Texas more than doubled during the first half.
Those milestones support Musk’s argument that Tesla is becoming a physical-AI company, but do not establish how quickly autonomy and robotics will become material revenue sources.
Truist analyst William Stein described Tesla’s AI progress as “positive, but imperfect” in a note reported by TipRanks.
Stein views FSD and Robotaxi as the most important near-term projects and Optimus as the larger long-term opportunity, while maintaining a Hold rating.
Morgan Stanley analyst Andrew Percoco entered the report with an Equal Weight rating and a $417 target, expecting constructive but relatively modest AI updates rather than an immediate catalyst for a major re-rating.
Tesla generated $4.70 billion in operating cash flow but spent $5.79 billion on factories, computing infrastructure and new products.
Management expects full-year capital expenditure to exceed $25 billion and remain elevated as AI, Cybercab and Optimus capacity expands.
BNP Paribas analyst James Picariello expects annual capital expenditure to average at least $22 billion through 2030.
That forecast suggests the second-quarter surge was an early stage of a multiyear investment cycle, not a temporary spike.
The bullish case remains that Robotaxi and Cybercab could become scalable, high-margin businesses, while rising FSD subscriptions create recurring software revenue.
The risk is that spending continues to outrun monetisation while weaker vehicle margins reduce Tesla’s financial cushion.
For a retirement portfolio that needs a single, defensible AI infrastructure play, NVIDIA (Nasdaq: NVDA) remains a frontrunner. The stock trades at $212.06, and reports that the company is silently acquiring long-haul dark fiber across the U.S. only sharpen the bull case.
Dark fiber is unlit optical cable already in the ground but not yet carrying traffic. By locking up fiber counts reaching up to 100 pairs nationwide, NVIDIA may be pre-wiring the corridors its neocloud customers, including CoreWeave and peers, need to narrow the infrastructure gap with hyperscalers such as Microsoft (Nasdaq: MSFT) and Amazon (Nasdaq: AMZN), which secured network capacity years ago.
Point One: The Cheapest Way to Own the Optical Buildout NVIDIA trades at a trailing P/E of 31.7, with ROE of 101.5% and a 60.4% operating margin as of FY2026. Its optical suppliers do not come close. Coherent (NYSE: COHR) carries a trailing P/E of 151.06, with ROE of 4.72% and a 13.6% operating margin. Investors are paying a much richer earnings multiple for a fraction of the return profile. The head-to-head is not close.
Point Two: Real Cash Return, Finally NVIDIA recently boosted its quarterly dividend from $0.01 to $0.25 per share and layered on an additional $80 billion buyback authorization. Q1 FY2027 free cash flow hit $48.55 billion, up 85.4% year over year. Compare that with CoreWeave (Nasdaq: CRWV), which posted negative free cash flow of $4.71 billion and $50.8 billion in total liabilities last quarter. Retirees benefit from cash generation, not capital-hungry infrastructure stories still waiting to prove they can self-fund.
Point Three: The Catalyst Is Already Landing NVIDIA’s Q1 FY2027 revenue reached $81.61 billion, up 85.2% year over year, with Data Center Networking alone hitting $14.8 billion, up 199%. Management guided Q2 revenue to $91.0 billion at a 75.0% gross margin. The company also disclosed $119.0 billion in supply commitments and multi-year optics agreements with Coherent (NYSE: COHR), Lumentum (Nasdaq: LITE), and Corning (NYSE: GLW). The dark fiber buildout is the connective tissue behind that spend.
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The Risk, Dismissed China export restrictions get top billing in nearly every NVIDIA bear case. Yet the company shipped no H20 units to China in Q1 FY2027, guided Q2 assuming no China Data Center compute revenue, and still projected $91.0 billion in quarterly revenue. Huang’s broader message is that China remains a competitive threat, not an existential roadblock. As he told Axios, there is “no scenario where China runs U.S. companies off road.”
That confidence fits the infrastructure numbers. As Huang further stated, “The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed.” The fiber going into the ground is part of that answer: more private networking capacity, more control over AI traffic, and less dependence on hyperscalers to dictate the terms of the buildout.
For retirement portfolios seeking a single AI infrastructure holding, NVIDIA offers the clearest exposure to the optical buildout as the AI infrastructure cycle compounds.
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Disney laid off several hundred employees Tuesday morning across multiple divisions, with Pixar absorbing the largest share of the cuts.
At least 116 employees were laid off at Pixar's Emeryville, California, headquarters, according to TheWrap, citing sources. Disney Entertainment Television, Disney Studios and ESPN were also affected by the latest round of workforce reductions.
The layoffs came as Pixar’s newly released "Toy Story 5" dominated the global box office, grossing about $962 million worldwide and putting the film on track to surpass the $1 billion mark.
The cuts also mark Pixar's largest round of layoffs in the last two years, despite "Inside Out 2" becoming the highest-grossing animated film of all time with $1.69 billion worldwide in 2024.
DISNEY LAYS OFF 1,000 EMPLOYEES ACROSS TV AND FILM UNDER NEW CEO
Toy Story characters Jessie, Woody and Buzz Lightyear pose at a red carpet launch event for 'Toy Story 5' in London on May 28, 2026. (Henry Nicholls / AFP / Getty Images)
Within Disney Entertainment, National Geographic is expected to be among the hardest-hit brands, according to the report.
ESPN also cut several high-profile on-air personalities, including Karl Ravech, a longtime SportsCenter anchor and Baseball Tonight host who has been with the network since 1993, The Hollywood Reporter reported.
Ryan Clark, a former NFL player who has served as an ESPN football analyst for more than a decade, was also named.
DISNEY CEO DEFENDS MASSIVE AI DEAL, SAYS CREATORS WON'T BE THREATENED
Characters from Disney and Pixar's "Inside Out 2" are displayed during the film's world premiere at the El Capitan Theatre in Hollywood on June 10, 2024. (Photo by Alberto E. Rodriguez/Getty Images for Disney/Pixar / Getty Images)
ESPN Chairman Jimmy Pitaro told staff in a memo Tuesday morning that the company made the decision after an extensive evaluation of its teams and organizational structure.
"Over the past several months, we’ve made significant progress integrating the NFL assets that we acquired into ESPN. Throughout this process, we have taken the time to carefully evaluate our collective teams, resources and organizational structure to best position us for the future. As a result, we had to make some difficult decisions about job impacts that we will be communicating today," Pitaro said, according to The Hollywood Reporter.
The cuts may have been triggered in part by the underperformance of "Hopper," Pixar's original film that launched earlier this year, sources told TheWrap.
The movie reportedly finished slightly below breaking even under Hollywood accounting standards.
Josh D'Amaro, as then-chairman of Disney Experiences for Walt Disney Co., during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, US, on Thursday, July 10, 2025. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
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Pixar’s "Elio" also struggled at the box office, earning about $154 million worldwide in 2025 against a reported production budget of $200 million. It marked the studio’s lowest-grossing film since the COVID-impacted "Onward."
The latest round of layoffs marks the third wave of job cuts to hit the media giant this year.
Ticker Security Last Change Change % DIS THE WALT DISNEY CO. 95.87 -0.27 -0.28% In April, Disney laid off roughly 1,000 employees across its television and film divisions under newly appointed CEO Josh D’Amaro.
The executive cited the need to "streamline" operations amid the "fast-moving pace" of change across the entertainment industry.
In January, Disney reportedly consolidated its marketing departments under Chief Brand Officer Asad Ayaz, leading to additional cuts in those areas, according to The Hollywood Reporter.
