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90-Year-Old Asset Management Giant Launches ETF Covering 9 Cryptocurrencies
U.S. asset management giant T. Rowe Price entered the crypto sector on Thursday with the launch of a cryptocurrency ETF trading on NYSE Arca under the ticker TKNZ. The company initially filed for the product in October last year, meaning the launch process took around nine months to complete.The Baltimore-based company has been managing assets for nearly 90 years and oversees close to $1.9 trillion in client assets. T. Rowe Price describes TKNZ as the market’s first actively managed multi-token spot cryptocurrency ETF. The key difference lies in how the fund is managed. Rather than tracking a fixed index, fund managers can adjust portfolio weightings based on the company’s own research and market outlook. This structure separates TKNZ from existing passive spot crypto ETFs, which generally track a single asset or a predetermined index.Portfolio includes nine crypto assetsWhen the fund began trading, its portfolio was allocated as follows:• Bitcoin (BTC): 40.75%• Ethereum (ETH): 18.42%• BNB: 11.01%• Solana (SOL): 9.44%• XRP: 9.37%• Hyperliquid (HYPE): 6.45%• Stellar Lumens (XLM): 3%• Dogecoin (DOGE): 1.28%• USD Coin (USDC): 0.16%• Cash and cash equivalents: 0.11%What analysts are saying?Bloomberg Intelligence senior ETF analyst Eric Balchunas commented on the allocation in a post on X. He described the Bitcoin weighting as low while viewing the allocations to the remaining assets, particularly HYPE, as relatively high.According to Balchunas, the fund launched with approximately $15 million in assets and charges a 0.75% management fee. That rate is higher than the fees applied by some passive Bitcoin and Ether ETFs currently available in the market.HYPE’s relatively large portfolio weighting may appear unusual at first, but the token has recently become one of the stronger performers in the cryptocurrency market. Its price reached an all-time high of around $74.50 last month. It is currently trading near $65.60 and has gained 38% over the past year.Bitcoin, by comparison, has lost 45% during the same period. This divergence in performance may partly explain the difference between their portfolio weightings.The fund will be permitted to invest in proof-of-stake networks, but it will not initially use any of its holdings to generate staking income. The prospectus does not completely rule out staking and notes that the practice could be introduced in the future.This cautious approach reflects a broader trend among fund managers offering products involving staked crypto assets, as regulatory uncertainty surrounding staking has yet to be fully resolved.The fund will be led by Blue Macellari, head of T. Rowe Price’s digital assets unit, who will serve as lead portfolio manager. Four associate portfolio managers will support her.TKNZ’s price performance and potential inflows and outflows during its first weeks of trading will offer an important indication of how much institutional demand exists for actively managed, multi-token cryptocurrency ETFs.
US Government Sends $288 Million in BTC and ETH to Coinbase
Wallets linked to the US government transferred more than $288 million worth of Bitcoin and Ethereum to Coinbase Prime on Monday. The assets moved through several transactions executed within short intervals, according to real-time tracking by onchain analytics platform Arkham Intelligence.Arkham data shows that the wallets transferred a total of 3,800.5 BTC and 30,007 ETH. At current market prices, the combined value exceeds $288 million. Bitcoin has gained 1.38% over the past 24 hours, while Ethereum has risen 3.05%, increasing the dollar value of the transferred assets. Who were the assets seized from?A significant portion of the transferred cryptocurrencies came from assets seized in separate criminal investigations. Wallets labeled by Arkham were linked to cases involving Ryan Farace and Brian Krewson.Farace was convicted of selling counterfeit Xanax pills on darknet marketplaces. His case had previously attracted attention after US authorities announced plans to dispose of $117 million worth of Bitcoin seized from a drug dealer linked to the Silk Road marketplace.The allegations against Krewson were different. Authorities accused him of helping conceal and launder $54 million in cryptocurrency generated through drug trafficking.Some of the transferred assets were also connected to BTC-e, an unlicensed cryptocurrency exchange that was shut down in 2017. During its years of operation, BTC-e allegedly facilitated billions of dollars in illicit financial activity.Legal proceedings linked to the exchange continued for years after its closure. Alexander Vinnik, one of the most prominent figures associated with BTC-e, was recently returned to Russia as part of a prisoner exchange.What does the Coinbase Prime transfer mean?Coinbase Prime provides custody and trading services to institutional clients. Moving assets to the platform could precede a sale, although the transfer alone does not confirm that liquidation is imminent.Similar transfers from government-controlled wallets have produced different outcomes in the past. Some assets remained untouched for months after reaching institutional platforms, while others were gradually sold.There is also another factor to consider. An executive order signed by Donald Trump in March 2025 called for seized Bitcoin to be transferred into the country’s Strategic Bitcoin Reserve. The order also instructed federal agencies not to sell Bitcoin obtained through criminal or civil forfeiture proceedings.The latest transfer may therefore represent an administrative custody or reserve-management transaction rather than preparation for a sale. At this stage, the government’s intention remains unclear, and the market’s interpretation of the movement may become more visible in the coming days.The broader pictureAccording to Arkham, wallets associated with the US government hold more than $20 billion in cryptocurrency, with most of the assets originating from law enforcement seizures.The portfolio reportedly includes 324,552 BTC, a figure that places the US government among the world’s largest known Bitcoin holders. The wallets also contain Ethereum, USDT, BNB and ZEC.This diversified portfolio shows that government seizures are no longer limited to Bitcoin. US authorities have accumulated assets across several blockchain networks through investigations involving criminal organizations, darknet markets and money-laundering operations.
Strategy Skips Bitcoin This Time, Sells $466 Million Worth of Shares
Strategy did not touch its Bitcoin holdings last week. Instead, it sold 4.8 million MSTR shares. According to an 8-K filing submitted to the SEC on Monday, the company sold 4,818,781 shares between July 6 and July 12, raising $466.7 million.The proceeds did not go toward purchasing Bitcoin. They were added to the company’s dollar reserve, which increased by $450 million to reach $3 billion.According to co-founder Michael Saylor, Strategy’s Bitcoin position remained unchanged at 843,775 BTC. At current prices, the holdings are worth approximately $53 billion. The company acquired them at an average price of $75,476 per Bitcoin, bringing its total cost basis to $63.7 billion. That amount represents around 4% of Bitcoin’s maximum supply of 21 million coins. However, Strategy is currently carrying an unrealized loss of approximately $10.7 billion.Bitcoin remained relatively stable near $63,000 after the announcement. MSTR shares fell 2.6% in premarket trading. Over the whole of last week, MSTR declined 6.5% and closed Friday at $94.64, while Bitcoin gained 1.7% during the same period.Saylor’s familiar pattern did not repeat this timeSaylor once again shared a Bitcoin chart on Sunday, writing that “the orange dots tell only part of the story.” In the past, these weekly posts often signaled that a new Bitcoin purchase was coming.That pattern has changed in recent weeks. On June 28, Saylor said, “We’re going to need more charts.” What followed was not another Bitcoin purchase, but the announcement of a new capital framework.After his July 5 post, Strategy completed the largest Bitcoin sale in its history. The company sold 3,588 BTC for $216 million.Gabe Selby of CF Benchmarks said the company’s short-term solvency is not currently in question. The numbers appear to support that view.Strategy’s annual financing costs equal around 3.4% of the value of its Bitcoin holdings. Its existing cash reserve can cover those costs for 17.4 months. When the company’s authorized reserve-expansion capacity is included, that period rises to 25.9 months.Selby nevertheless drew a clear line. The real problem would begin when selling Bitcoin was no longer a choice and instead became necessary to keep the capital structure functioning.New framework: Bitcoin is now being used like collateralUnder Strategy’s new Digital Credit Capital Framework, the dollar reserve can only be used to fund preferred-stock dividends and interest payments.The company also approved a $1 billion repurchase program for its digital credit securities, with STRC given priority. A more flexible dividend policy was introduced for STRC as well. Even if the share price falls below its $100 par value, the dividend will no longer increase automatically.Strategy separately launched a $1 billion common-share repurchase program. It also introduced a plan allowing the sale of up to $1.25 billion worth of Bitcoin to fund reserves, dividends, interest payments and securities repurchases.Matthew Sigel of VanEck highlighted an important detail. The 3,588 BTC sold last week was not counted under the new program. This suggests Strategy may have additional selling capacity beyond the publicly stated $1.25 billion limit.The rest of the sector tells a different storyAccording to Bitcoin Treasuries, 197 publicly traded companies now follow some form of Bitcoin accumulation strategy.Strategy remains at the top of the list. It is followed by Twenty One, a Tether-backed company holding 43,514 BTC; Metaplanet with 43,000 BTC; MARA with 36,303 BTC; and Bitcoin Standard Treasury Company, backed by Adam Back and Cantor Fitzgerald, with 30,021 BTC.However, the shares of many companies in this group remain far below their summer 2025 peaks.MSTR itself is down 79% from its record high. Its market value now stands at only 1.03 times its net asset value, meaning the premium that once supported the stock has almost completely disappeared.Standard Chartered maintained its $100,000 Bitcoin forecast for the end of 2026 on Friday.According to the bank, Strategy’s shift from an “I will never sell” position to using Bitcoin as backing for preferred-stock obligations represents a communication problem rather than a solvency issue.Grayscale analysts offered a different interpretation. They argued that Strategy’s stronger financing position could reduce the risk of a severe negative scenario originating from the company, helping Bitcoin establish a more durable price floor.
Bitcoin Whale Wakes Up: Holdings Increase Tenfold in Value
A Bitcoin wallet that had remained inactive for nearly seven years and nine months suddenly came back to life over the past few hours. The wallet transferred its entire balance of 2,931 BTC, worth approximately $188 million at current prices, to a new address in a single transaction.According to Onchain Lens, citing Arkham data, the wallet ending in “356my...BAsmK” moved all of its funds yesterday evening to an unlabeled address ending in “bc1qn...8gp25.” The receiving address has not made any further transactions since the transfer, and the funds remain untouched.Bitcoin rises from $6,500 to $63,000The wallet was last active on October 23, 2018. Bitcoin was trading at around $6,475 at the time. Since then, the price has increased almost tenfold.Bitcoin is currently trading at $63,376, down 1% over the past 24 hours.The difference alone highlights a striking reality. Someone who bought Bitcoin in 2018 at roughly one-tenth of today’s price could have multiplied the value of their portfolio simply by holding onto it.It is perhaps one of the clearest examples of the “patient investor” stories often told in the crypto market. However, that same patience becomes a separate discussion when it comes to deciding when to sell.The reason behind the transfer remains unknown. Still, when large wallets that have been dormant for years suddenly move their funds, market participants often interpret it in the same way: the owner may be preparing to sell. Experienced on-chain observers closely monitor such transactions. When a wallet becomes active after nearly a decade of silence, speculation usually centers on profit-taking or a potential change in ownership.Similar movements have happened beforeA similar wave of dormant wallet activity emerged last year as Bitcoin approached record highs. In July 2025, a wallet that had been inactive for 14 years transferred $8.7 billion worth of Bitcoin to another address in a single transaction.It was never confirmed where those funds ultimately went, and speculation surrounding the movement continued for a long time.These so-called “sleeping wallets” attract significant attention from analysts. Many are believed to belong to early Bitcoin investors who accumulated coins when BTC was worth only a few dollars and never sold them.Some observers link these wallets to forgotten private keys. Others suggest inheritance proceedings or old hardware wallets that were recovered years later. In most cases, no definitive explanation ever emerges.When one of these addresses becomes active after several years, it serves both as a technical signal for on-chain analysts and as a small clue for market participants attempting to assess investor sentiment.There is currently no concrete evidence linking the receiving address to a cryptocurrency exchange. It is also unclear whether the funds will remain in a private wallet or have been moved to an institutional custody service.
Bitcoin Holds $64,400: Is This the Time Resistance Finally Breaks?
The cryptocurrency market saw a second wave of gains on Friday. Bitcoin has climbed 2% since midnight, reaching $64,400 and returning to the same level it failed to break on Monday. If this resistance gives way, attention will shift to the June 15 high of $67,250. Ethereum outperformed Bitcoin this time. It rose 2.6% to $1,790 and is attempting to break the lower highs and lower lows pattern that has been in place for weeks.There was also notable activity across altcoins ahead of the weekend, despite weekends typically being associated with lower liquidity and fewer sharp price moves. Zcash and Aave both gained around 5%. Market appetite, which had been subdued for months, appears to be gradually returning to more speculative bets.Meanwhile, crypto diverged from U.S. equities. S&P 500 futures slipped 0.1%, while Nasdaq 100 futures fell 0.4%.What the derivatives market is signalingSpeculative trading activity is easing in derivatives markets, while longer-term positioning continues to build. Twenty-four-hour trading volume fell 7% to $140 billion, while open interest increased 3% to $110.52 billion. That suggests the current recovery is being driven by investors holding positions rather than short-term traders moving in and out of the market.Across major exchanges, total open interest in Bitcoin USD- and USDT-margined futures rose from 262,000 BTC to 272,000 BTC as the spot price moved above $64,000. Combined with positive funding rates and a positive cumulative volume delta, the data suggests bullish positioning is strengthening.Ethereum has yet to see the same trend. Futures open interest remains largely unchanged, indicating traders are still hesitant to increase leverage.Across the broader market, most tokens are showing a positive cumulative volume delta, meaning buyers are executing market orders instead of waiting with passive limit orders. That is generally viewed as a supportive signal for continued price appreciation.Implied volatility indexes tied to both Bitcoin and Ethereum continue to decline, a pattern often associated with steady bullish markets. Bitcoin’s volatility index, BVIV, fell to 38.5 on Friday, its lowest level since June 6.On Deribit, demand for put options is weakening as rising prices reduce downside concerns. The most actively traded contracts include $62,000, $65,000, and $67,000 call options, along with a $56,000 put option. Call options are typically favored by traders expecting further upside.Tokens in focusLighter remains one of the standout tokens of recent weeks. The token gained more than 5% on Friday and has rallied over 200% since May 16. Lighter is a decentralized derivatives exchange that recently signed a partnership with Robinhood Chain, aiming to bring its product to the brokerage's 28 million customers.Rival Hyperliquid has been one of the biggest beneficiaries of the perpetual futures trading boom in 2026. After reaching a record high of $76 last month and pulling back, the HYPE token climbed 2.8% on Friday to $68. The series of higher lows suggests buyers remain firmly in control.AI-related tokens, on the other hand, have lagged behind after their strong performance during the first half of the year. Bittensor traded flat on Friday even as the broader crypto market moved higher.
Bitcoin Slips Slightly Ahead of Fed Minutes
The U.S. Federal Reserve will release the minutes of its June 16-17 meeting today, Wednesday, at 2:00 p.m. ET. For those expecting a rate hike in September, the text may offer less than they hope.Chair Kevin Warsh did not share his own rate projection during this period. The post-meeting statement was only 130 words long, and forward guidance was removed entirely. That leaves the minutes as the only detailed record available on the debate inside the committee.A committee split between hawks and dovesThe FOMC held rates steady at a range of 3.50% to 3.75% on June 17. It was the fourth consecutive hold. Nine of the 18 members projected at least one rate hike for 2026, while Warsh did not put forward his own forecast.The committee held this meeting before the Bureau of Labor Statistics released the June jobs report. The report showed only 57,000 new jobs, marking the weakest reading in four months. Any hawkish tone in the minutes may still reflect a labor market that looked strong at the time. The weaker picture emerged only days later.The CME FedWatch tool currently prices the probability of a September rate hike in the 50% to 55% range. Before the weak employment data, that probability stood at 66%. Warsh addressed the issue directly at his press conference. He said inflation had remained above the Fed’s 2% target for more than five years and that this was a burden for the American people, while also adding that the recent past does not have to determine the future.Silence itself becomes the storySince taking office, Warsh has pushed for a simpler communication style. In his view, forward guidance makes the Fed more dependent on markets than on the data it is supposed to respond to.This preference makes Wednesday’s release unusually important, because there is no previous statement text to compare it with. Speaking at the Sintra forum in July, Warsh clarified his stance on inflation: investors should not expect the Fed under his leadership to become comfortable with inflation above 2%.Bitcoin feels the weight of rate uncertaintyCrypto markets are already reacting to this uncertainty. Bitcoin recently slipped to $61,766, losing close to 1%. Ethereum, XRP and Solana also fell between 1% and 2.3%. The sell-off is not driven by rate uncertainty alone. WTI crude futures rose more than 2% to $72.27, while the dollar index held above the 101 level. A stronger dollar and rising inflation expectations are pushing investors toward safer assets such as bonds, while drawing them away from riskier instruments like Bitcoin.If the minutes show how close the hawkish wing came to supporting a rate hike in June, this cautious mood in the crypto market may continue. Signals on the September rate decision will matter not only for bond and currency markets, but also for Bitcoin investors.A Fed led by a chair who prefers silence may leave both stock and crypto investors waiting for real clarity even after Wednesday.
Vanguard, Managing $12 Trillion, Builds Crypto Department
Vanguard, the world’s second-largest asset manager, has started looking for an executive who will build its cryptocurrency strategy from the ground up. According to a job posting published on the company’s careers page on July 6, the role will be responsible for creating a digital asset roadmap for Vanguard’s personal wealth management clients.For the company, which manages a $12 trillion portfolio, this marks the first example of a senior-level appointment specifically focused on crypto. The posting was listed under job code 179858 and offers a hybrid working model across Vanguard’s Malvern, Dallas, Scottsdale and Charlotte offices. Executive Will Engage With RegulatorsThe person hired for the role will work as a senior subject matter expert on digital assets within Vanguard’s personal wealth division. The scope of responsibility will not be limited to product development. Risk management and communication with regulatory authorities will also be part of the job description. According to internal sources, the executive’s main goal will be to build a scalable, end-to-end strategy.The move stands in contrast to Vanguard’s previous stance on crypto. When spot Bitcoin ETFs launched in January 2024, the company did not allow these products to be traded on its own platform. For a long time, executives described crypto assets as speculative.Shift Began After New CEO Took OverThe picture changed in December 2025. Vanguard opened its platform to third-party crypto ETFs and mutual funds. The decision gave more than 50 million brokerage clients access to funds that include Bitcoin, Ethereum, XRP and Solana.Behind this shift was Salim Ramji, who became CEO in July 2024 and was the first person appointed to lead the company from outside Vanguard. Ramji previously ran BlackRock’s iShares unit, which launched the iShares Bitcoin Trust. That fund had reached nearly $54 billion in assets under management as of March 31. Vanguard also became the largest shareholder of Strategy, the biggest Bitcoin treasury company, last year.No Plan Yet for Its Own ETFStill, Vanguard has not yet filed for its own crypto ETF. The company’s published investment guidance continues to prioritize assets with transparent cash flows and offers crypto exposure only through third-party products, similar to gold. BlackRock and Fidelity, meanwhile, operate their own spot Bitcoin funds. Competition among issuers has pushed fee rates down to as low as 0.14%.Client demand is also supported by concrete data. U.S.-based spot Bitcoin ETFs reached $74.37 billion in net assets as of July 2. On the same day, the funds recorded $221.72 million in inflows after a 10-day outflow streak. At the time of writing, total net assets had risen to $77.32 billion.
Trump Defends Crypto Earnings: “There Is Nothing Wrong With It”
U.S. President Donald Trump responded to criticism over the high revenues his family earned from the cryptocurrency industry. In an interview with CNBC at the White House, Trump said there was “nothing wrong” with the money made from crypto investments.The debate grew after the U.S. Office of Government Ethics published its annual financial disclosure report. The report, made available on June 30, 2026, includes Trump’s financial disclosures for 2025.According to the disclosures, revenues from crypto ventures linked to Trump’s family exceeded $1.4 billion. This made Trump the largest crypto earner in U.S. politics.Trump’s crypto defenseDuring the CNBC interview, Trump was asked whether he knew about the crypto ventures in question. He responded, “I could know about it. I didn’t.”Trump also argued that there was nothing illegal about the business. According to him, the main goal is to make the U.S. a leader in the cryptocurrency sector.The statement reignited a long-running conflict-of-interest debate in Washington. Before taking office, Trump handed day-to-day control of his businesses to his two eldest sons. However, he did not divest his assets.For this reason, criticism is not focused only on the size of the revenues. The main debate revolves around how clearly the line has been drawn between the presidency and family businesses.Most of the revenue came from crypto projectsAccording to the financial disclosure, Trump’s crypto-linked revenues were concentrated in three main categories. The first was roughly $636 million from a memecoin venture associated with his name. The token was launched just before Trump’s return to office.The second major category came from World Liberty Financial. Around $594 million in revenue was reported from the crypto company, which Trump co-founded with his sons.The third category came from a stablecoin-linked venture. The disclosures showed that revenue from this business was around $197 million.According to Reuters, Trump had previously said he was not directly involved in his financial affairs. He stated that there were funds managing his money and that many people had profited because markets had risen.Revenue debate grows as the market weakensThe scale of Trump’s crypto earnings drew more attention at a time when the market was under pressure. Bitcoin has fallen roughly 50% from the record level above $126,000 it reached in October. The sector also spent the first half of the year under pressure.This picture made the gap between investor losses and revenues from politically linked crypto projects more visible. Some market commentators argue that memecoin revenues in particular are tied to political brand power.That is exactly where the criticism is centered. Trump supporters believe the president is trying to give the U.S. a competitive advantage by supporting the crypto sector. Opponents, however, say the process blurs the line between public office and private profit.Regulation agenda may be affectedThe Trump administration has followed a policy line that is more favorable toward the cryptocurrency industry. This approach has long been welcomed by industry representatives.However, the debate took on a different dimension after the financial disclosure. As the U.S. moves toward crypto regulation, the president’s high earnings from projects linked to his family could increase political pressure.Democrats may bring the ethical dimension of these revenues more forcefully onto the agenda. For Republicans, the issue creates a more delicate balance. On one hand, they want to preserve close ties with the crypto industry. On the other, growing criticism over retail investor losses is putting pressure on the administration.Trump, however, does not appear to be backing down. In his remarks, he defended the revenues as legal and emphasized the goal of U.S. leadership in crypto.For this reason, the debate does not seem likely to fade in the short term. The financial disclosure did more than show the crypto revenues of the Trump family. It also revealed that crypto, politics and ethics debates in the U.S. are now part of the same file.
Bitcoin ETFs End 10-Day Outflow Streak: Details
The capital that flowed out of Bitcoin ETFs throughout June had raised questions about whether institutional appetite was cooling. Consecutive daily outflows toward the end of the month kept the debate alive over whether investors were taking profits or moving into a more cautious wait-and-see mode. Today’s picture added a new data point to that discussion.U.S.-based spot Bitcoin ETFs, which had recorded uninterrupted outflows for 10 days, returned to net inflows on Thursday. According to SoSoValue data, the funds saw a total net inflow of $221.7 million on July 2. Fidelity’s FBTC fund accounted for $166 million of that amount on its own. Ark Invest and 21Shares’ joint fund, ARKB, attracted $91.8 million, while VanEck’s HODL fund brought in $4.4 million.This marked the first time since June 16 that the funds closed the day in positive territory. During the period in between, a total of $2.7 billion had flowed out of the funds. June also became the worst month for Bitcoin ETFs since their launch in 2024, with $4.5 billion in outflows.BlackRock Bucked the TrendBlackRock’s IBIT was the only fund to record an outflow on Thursday, losing $40.4 million. This marked its 11th consecutive day of outflows. During this period, around $2.2 billion has left IBIT, while the fund has also remained in negative territory for eight straight weeks on a weekly basis.According to LVRG Research Director Nick Ruck, this does not mean that IBIT is losing its reputation. The main reason, he says, is that capital is shifting toward smaller or lower-fee funds. Ruck sees this as a sign that capital has become much more selective across providers.There Is Also a Recovery on the Price SideBitcoin started July with upward momentum. The price, which was around $58,000 on July 1, rose to $61,730, marking a 2.8% increase over the past 24 hours.Glassnode analyst Chris Beamish wrote that long-term Bitcoin holders had started buying again after an extended period of selling. According to Beamish, this accumulation is not limited to a single group. It is spread across different wallet segments, including mid-sized holders with 100 to 1,000 BTC.A stronger buy-side presence on Coinbase’s order book and dealer positioning around the current price now providing more support to the market are two other indicators Beamish pointed to.Ruck lastly says the market has moved from defensive positioning toward more selective optimism, supported by recovering risk appetite and expectations for future adoption. However, he adds that inflows need to become sustained before a real directional shift can be confirmed.
Quiet Storm in Bitcoin Options: $1.9 Billion Expires Today
Today, Friday, July 3, roughly 31,000 Bitcoin options contracts are set to expire. Their total notional value is around $1.9 billion, well below last week’s quarter-end expiry. For that reason, a major shock in the spot market is not expected.Crypto markets, which had moved sideways throughout the week, came back to life on Friday. Since Monday, $70 billion has flowed into the market; losses have slowed after last month’s sharp sell-off.The picture in Bitcoin optionsThe put/call ratio stands at 0.7. The long side is slightly more crowded. The maximum pain point is $61,000, very close to the spot price; this means some contracts will expire in profit.The maximum pain point is defined as the price level at which options writers close the expiry with the least possible loss. The fact that the market price is moving close to this level is not a coincidence; on major expiry days, prices are often observed drifting toward the max pain level. This suggests that today’s $61,000 level could act as a magnet, at least in the short term.On Deribit, the largest open interest is at the $80,000 strike price, with $1.1 billion. At $60,000, short position holders are carrying $900 million in bets. The gap between these two levels shows that the market has not yet decided on a clear medium-term direction.According to Coinglass, total Bitcoin options open interest across all exchanges has fallen to $26 billion, a 16-month low. In its note this week, Greeks Live said the skew in short-term options continues to carry most of the downside premium in pricing. The firm links this more to short-term risk management than to a broader shift in market view. Ethereum side is calmerA total of 134,000 ETH contracts are also expiring today, with a notional value of $228 million. The maximum pain point is $1,650, while the put/call ratio is 1.3.Total open interest in Ethereum options stands at $3.6 billion, its lowest level since January 2023. When Bitcoin and Ethereum are calculated together, today’s total options expiry reaches $1.8 billion. This contraction in open interest can be read as a reflection of the broader decline in risk appetite seen in the derivatives market in recent months.A rare green day on the spot sideThe broader market recovered on Friday, with total market capitalization rising to $2.2 trillion. Bitcoin climbed as high as $62,000 after Thursday’s weak employment data, then slipped back to $61,500 during the Asian session.Ethereum held up more strongly. It reclaimed $1,700, gained 6% on the day, and has maintained that level for the past 12 hours.The long weekend in the United States suggests that trading volume could remain low in the coming days. During periods of low liquidity, price moves are known to produce exaggerated results; on days like this, even small orders can move prices more than usual, so investors are expected to remain cautious.
Weak U.S. Jobs Data Triggers Bitcoin Dip-Buying
The U.S. nonfarm payrolls report came in well below market expectations in July, paving the way for a short-term relief bounce in Bitcoin. According to the data, released one day earlier due to the July 4 holiday, the U.S. economy added only 57,000 jobs in June. Markets had expected an increase of 114,000, while the previous month’s figure stood at 172,000. The unemployment rate was also recorded at 4.2%, instead of the expected 4.3%.Bitcoin was trading around $61,700 when the data was released. According to TradingView data, the cryptocurrency briefly moved higher after the announcement and approached the $62,000 mark, before fluctuating within that range for the rest of the day. The limited price reaction suggests that the market interpreted the weak employment data as a development that could increase the likelihood of a Fed rate cut, but did not price it in with aggressive buying. Kyle Rodda of Capital.com described the nonfarm payrolls report as the most critical data release of the week. According to Rodda, markets had lowered the probability of a rate hike this month from 33% at the beginning of the week to 28%; weak employment figures could reinforce this expectation. It is also worth noting that the Fed kept interest rates unchanged in June for the fourth consecutive time, while rate cut expectations were pushed back to 2027 due to the hawkish stance of new Chair Kevin Warsh.Bitcoin spent most of the week under pressureBefore the employment data, Bitcoin had already been through a difficult week. The cryptocurrency fell to a 21-month low during the week, dropping to $57,800. According to Bitfinex analysts, this marked the fourth time in the cycle that a decline in bond yields and a drop in Bitcoin’s price occurred at the same time; Bitcoin continued to pull back even as the S&P 500 closed the quarter at a record high.Two main groups are behind the selling pressure. Spot Bitcoin exchange-traded funds recorded $4.5 billion in net outflows in June, marking their worst month since their launch in January 2024. BlackRock’s IBIT alone accounted for $3.55 billion in outflows. In addition, Strategy’s board approved the sale of up to $1.25 billion worth of Bitcoin on June 29 to build dollar reserves and meet liabilities. The company’s stock is now trading roughly 30% below the value of the Bitcoin it holds.Despite this, Glassnode analyst Chris Beamish noted that long-term investors have started accumulating again. According to Beamish, buying appetite is spreading across a wide range of participants, from small wallets to entities holding between 100 and 1,000 BTC. However, for the first time during this downturn, the amount of Bitcoin held at a loss has exceeded the amount held in profit; approximately 10.83 million BTC is currently being held below its cost basis.A similar picture is emerging on the Ethereum sideEthereum, meanwhile, recovered from its low near $1,500 and climbed into the $1,600-$1,620 range. Simon-Peter Massabni of XS.com described this move not as a confirmed reversal, but as buying from a technical bottom. Spot ETH funds have seen net outflows for seven consecutive weeks, with total outflows reaching $1.18 billion during this period.In the coming days, the market’s main focus will be how much the weak employment data influences the Fed’s rate decision. For now, whether Bitcoin can break above the $62,000 resistance level on a sustained basis appears to depend on both macro data and the direction of ETF flows.
Outflows Hit Bitcoin and XRP ETFs, While Ethereum and Solana See Inflows
The first trading day of July brought a mixed picture for spot crypto ETFs traded in the United States. While Bitcoin and XRP funds saw outflows, investors preferred to increase their positions in Ethereum and Solana. This divergence across the four assets suggests that investors entered July with mixed risk appetite. The size of the outflow from Bitcoin was especially notable, as it showed that the inflow trend seen in recent weeks had been interrupted, at least in the short term.Third Daily Outflow for BitcoinSpot Bitcoin ETFs closed July 1 with net outflows of $294.62 million. This marked one of the largest single-day outflows seen in recent weeks. Considering that institutional investors had largely added money to these funds throughout June, the pullback at the start of the month stood out. It is also worth noting that Bitcoin fell as low as $58,000 toward the evening yesterday. As shown in the chart below, the price move was sharp: Daily swings of this kind are not exactly new for the market. Since their launch, Bitcoin ETFs have experienced several similar days of sharp outflows, only to recover within a few days. Still, a figure approaching $300 million shows that short-term investors entered July with a more cautious stance.Ethereum Returns to Positive TerritoryEthereum ETFs recorded $14.89 million in net inflows on the same day. Unlike the outflows seen in Bitcoin, interest in Ethereum funds has remained relatively steady recently. This has also led to comments that some investors may be shifting their portfolios from Bitcoin toward Ethereum, although it is still too early to speak of such a rotation based on a single day of data.A Modest but Positive Picture for SolanaSolana ETFs ended the day with $521,000 in net inflows. The figure is small, but given Solana’s relatively new position in the spot ETF market, a consistently positive trend remains an important signal. Although total fund size is still far behind Bitcoin and Ethereum, the fact that daily flows have not turned negative shows that demand for Solana funds remains alive.Limited Outflow in XRPXRP ETFs saw net outflows of $1.86 million. This figure remains quite small compared with the outflow from Bitcoin and does not point to a trend reversal on its own.Looking at the broader picture for the day, the key takeaway is clear: some of the capital leaving Bitcoin and XRP funds was likely pulled from the market due to profit-taking or short-term risk reduction. The positive flows into Ethereum and Solana, meanwhile, show that interest in these two assets remains alive, at least for now.
Japanese Company Raises Bitcoin Reserves to 43,000 BTC
Tokyo-based Metaplanet announced that it purchased another 2,823 Bitcoin in the second quarter. The company’s total reserves have now climbed to 43,000 BTC. The purchase reportedly cost around $221 million.Known as Japan’s first publicly listed Bitcoin treasury company, Metaplanet has now grown its holdings by around 22.5% compared to where it started the year. The company’s average purchase cost across its portfolio stands in the $97,000 to $104,000 range. Since Bitcoin has been trading well above this range in recent weeks, the company is currently sitting on a significant paper profit.Buying pace accelerates quarter by quarterMetaplanet’s accumulation story actually goes back only a short time. The company closed 2025 with 35,102 BTC. It then added another 5,075 BTC in the first quarter of 2026, reaching 40,177 BTC as of March 31. That purchase required a budget of roughly $398 million to $405 million, with the average unit price landing in the $78,000 to $80,000 range. Now, with the additional 2,823 BTC bought in the second quarter, the total has risen to 43,000 BTC.The company began accumulating Bitcoin in April 2024, when it was still a small hotel and technology operator. At the time, its holdings stood at just 97.85 BTC. By the end of 2024, that figure had risen to 1,761 BTC, and by September 2025 it had reached 30,823 BTC. In other words, the company’s Bitcoin holdings have grown rapidly over the past year and a half.Target is 100,000 BTC, but the road is longMetaplanet’s publicly announced targets under its “555 Million Plan” are highly ambitious. The company aims to reach 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. The latter figure would equal roughly 1% of Bitcoin’s total supply. Based on the current picture, CEO Simon Gerovich and his team need to buy another 57,000 BTC in the next six months. At current prices, that would cost more than $5 billion, which means the company will likely need to pursue multiple large-scale share issuances and debt financing rounds to reach this target.The company mainly finances these purchases through share issuances, warrant sales and revenue generated from Bitcoin options. In January, it raised $137 million through a share and warrant sale aimed at overseas institutional investors. Its additional financing potential can also reach up to $276 million.Challenging third place in corporate rankingsWith this latest purchase, Metaplanet has entered a close race with Twenty One Capital in terms of corporate Bitcoin ownership. Strategy still sits at the top of the ranking with more than 762,000 BTC in reserves. Among the names Metaplanet has surpassed is MARA Holdings, which sold a significant portion of its Bitcoin holdings in recent months to repay debt.The risk side of the picture should not be ignored either. Metaplanet is using share dilution and debt financing to buy a highly volatile asset. In a prolonged downturn scenario, the company’s average cost base in the $97,000 to $104,000 range will become a critical threshold for investors to watch closely. The more than $5 billion in capital needed to reach the year-end target is another factor that must be evaluated together with the dilution risk that could come with successive share and debt issuances.
British Investors Sue Binance and CZ
Nearly 1,700 British investors have filed a group lawsuit against Binance, its founder Changpeng “CZ” Zhao, and Abu Dhabi-based Nest Exchange at the High Court in London. According to the claim form filed on June 29, the exchange allegedly sold crypto derivative products to retail investors for years without obtaining regulatory approval.The claim form, submitted by law firm KP Law on behalf of 1,692 claimants, including lead claimant Tomas Sutas, alleges that the defendants sold leveraged tokens, crypto futures, options, and margin trading products to British consumers from around September 13, 2019. The filing claims this violated the Financial Services and Markets Act.What does the legal basis say?The claim argues that the sales violated the general prohibition on carrying out regulated activities without authorization. It also alleges that the promotion of these products breached rules on unauthorized financial promotions.The claimants are seeking the return of money and property they paid, as well as damages and interest under the Senior Courts Act 1981.CZ and Binance Holdings are named as additional defendants in the case on the grounds that they allegedly acted in “common design” with the entities operating the platform. A fourth defendant, covering other entities that operated the Binance trading platform, is listed only as “Persons Unknown.”The gap between the figures stands outAccording to court documents, the amount claimed in the claim form is listed as “exceeding £200,000” ($264,900). This figure is actually the threshold that triggers a court fee of £10,067 when filing the case.KP Law, however, told media outlets including Reuters that the group is seeking more than £150 million ($200 million) in total. That figure does not appear in the claim form itself.In a statement, Binance said full compliance with UK regulations remains a priority for the company. A spokesperson said the exchange remains committed to its obligations to users and will defend itself against the allegations through the appropriate legal process when the time comes.Past records add weight to the caseThe lawsuit comes after Binance pleaded guilty in the United States in 2023 to anti-money laundering and sanctions violations. That case resulted in a $4.3 billion fine for the exchange and a four-month prison sentence for CZ. CZ was later pardoned by President Donald Trump.The development also came just days after Binance withdrew its MiCA license application in Greece. In comments to The Block, CZ claimed the application had been “fully compliant” and close to approval before unnamed political forces intervened.The case is still at an early stage. It is not yet clear when Binance will file its formal defense.
Trump’s Crypto Wallet Revealed: Eight Different Coins From Bitcoin to LINK
According to the annual financial disclosure report published on Tuesday, U.S. President Donald Trump’s income included hundreds of millions of dollars earned through his family’s crypto company World Liberty Financial, as well as thousands of dollars in investments in companies such as Coinbase and Strategy. The 927-page report, prepared by the Office of Government Ethics, covers a wide investment portfolio ranging from Domino’s Pizza and Costco to Victoria’s Secret, Lockheed Martin and major banks such as JPMorgan.The most striking item in the report was the income generated from World Liberty Financial, which came to light at a time when Congress is debating a comprehensive bill aimed at regulating the crypto sector. Democrats are demanding that an ethics clause be added to the bill, barring the president, vice president, members of Congress and other federal officials from certain cryptocurrency transactions in exchange for supporting the legislation.According to the disclosure, Trump earned more than $65.6 million from the sale of his stake in WLF Holdco and $236.25 million from distributed proceeds from World Liberty Financial’s token sales. The report also listed Bitcoin, Ethereum, USDC, LINK, AAVE, ENA, MOVE and ONDO holdings kept in cold wallets linked to World Liberty Financial, along with roughly $1.8 million in Ethereum staking rewards.Trump’s portfolio also includes an investment of up to $100,000 in crypto exchange Coinbase, as well as multiple investments in Strategy, the company formerly known as MicroStrategy.Vance’s Disclosure Was Much SimplerThe financial disclosure of Vice President JD Vance, released on the same day, was far shorter at just 17 pages. Vance reported holding up to $500,000 in Bitcoin.The Trump administration’s close ties to the crypto sector are once again becoming a point of debate at a time when the regulatory process is shaping a law that directly covers the products of these companies. The fact that World Liberty Financial was founded by the president’s own family and that Trump directly earned income from the company stands out as one of the factors strengthening conflict-of-interest claims.Crypto Lobby’s Rise in WashingtonThis disclosure also highlights how much the crypto sector’s influence in U.S. politics has grown over the past few years. During the 2024 election cycle, crypto companies and investors channeled hundreds of millions of dollars into election campaigns through super PACs, turning the industry into one of the most powerful lobbying groups in Congress.They have also begun to see returns on that investment. The market structure bill being debated in the Senate aims to clarify which regulatory agency will oversee digital assets and to provide exchanges with a more predictable framework.However, the fact that Trump’s own family directly earns income from a crypto company is raising more questions about the neutrality of the bill. World Liberty Financial was founded in late 2024 by a group that included Trump’s sons, Eric Trump and Donald Trump Jr., and quickly raised hundreds of millions of dollars through token sales. The company’s stablecoin, USD1, also drew attention after it began being used in transactions involving some Middle Eastern investment funds.Ethics experts have long argued that it is unprecedented for a sitting president to earn income from the private sector on this scale. Traditionally, presidents have transferred their assets into blind trusts to avoid conflicts of interest. The Trump administration has been criticized for not adopting this practice, and his stake in World Liberty Financial has become one of the clearest examples of that debate.
