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Bitcoin ETFs Catch Breath After $514 Million Rout
U.S.-listed spot crypto ETFs closed July 30 with $38.50 million in net inflows. According to CoinMarketCap Research, Bitcoin accounted for nearly all of that amount: BTC funds attracted $42 million, while Ethereum ETFs lost $4 million. The figure may look small, but its timing matters. The broader picture throughout the month was far less encouraging.Weekly flows remain in the redTwo trading days, July 23 and 24, shaped the entire month. Investors pulled $203.2 million from the funds on July 23. Bitcoin ETFs alone lost $226.6 million, while Ethereum funds recorded an unusual $23.4 million inflow.The situation worsened the following day. Net outflows reached $310.8 million on July 24, with both Bitcoin and Ethereum funds losing capital. BTC ETFs shed $240.1 million, while ETH funds posted $70.7 million in outflows.Investors withdrew a combined $514 million in just two days. Those losses pushed the 30-day flow down to negative $250.20 million and the weekly figure to negative $203.23 million.In effect, two sessions erased nearly three weeks of recovery.That is why the $38.5 million inflow recorded on July 30 requires a cautious reading. It stopped the bleeding, but weekly and monthly flows remain firmly in negative territory.Whether this marks a one-day correction or the beginning of a reversal remains unclear. Crypto ETF markets have often returned to outflows after a single positive session, making cautious optimism the most reasonable stance for now.The three-month picture tells a different storyThe unusual part is that the three-month total remains positive at $719.20 million despite the weak short-term figures. Demand accumulated during May and June has absorbed much of July’s heavy outflows.This supports a point frequently raised by market analysts. Daily ETF flows often reflect short-term positioning, while a broader window provides a clearer view of institutional demand.Some analysts describe weekly fluctuations as “noise” and the three-month trend as the “signal.” That distinction carries particular importance for investors tracking institutional allocation decisions.The best and worst months of the yearThe extremes become even clearer in the annual data. July ranked as the strongest month of 2025, generating $11.04 billion in net inflows. November delivered the weakest result, with $4.93 billion leaving the funds.The gap between those two months shows how quickly ETF flows can change direction. It also highlights how volatility remains a normal feature of the crypto investment market.The positive session on July 30 offers some encouragement, but one day alone proves little. The next few trading days will provide a clearer answer.If inflows continue, July could end with signs of a recovery. If they fade, the $514 million withdrawal on July 23 and 24 will remain the month’s defining story.Market participants are now turning their attention to the first week of August.
Bitcoin and Ethereum Options Worth $10.4 Billion Expired Today
The crypto options market saw a major expiration event on July 31. According to data shared by Wu Blockchain, 149,000 Bitcoin options contracts expired, carrying a total notional value of $9.6 billion.The put-call ratio came in at 0.28. The calculation is relatively straightforward: the number of put options in the market is divided by the number of call options. A low ratio of 0.28 means that call options outnumbered put options by nearly four to one. The overwhelming majority of the expiring positions were opened on the assumption that Bitcoin’s price would rise.The most actively traded strike price was $64,000. A strike price determines the level at which an options contract gives its holder the right to buy or sell the underlying asset.For example, an investor holding a Bitcoin call option with a $64,000 strike has the right to purchase Bitcoin at that price when the contract expires. The fact that $64,000 attracted the highest activity shows that market attention was heavily concentrated around this level.Ethereum presented a more mixed pictureOn the same day, 435,000 Ethereum options contracts also expired, with a total notional value of $830 million. Ethereum’s put-call ratio stood at 0.63, showing a considerably more balanced distribution than Bitcoin.As the ratio of put options to call options rises, the market can be described as more cautious about the price outlook, or at least more willing to seek downside protection. The most active strike price for Ethereum was recorded at $1,850.What do current prices indicate?Bitcoin is currently trading near $63,900, down a negligible 0.05% over the past 24 hours. The picture changes slightly when the timeframe expands, as Bitcoin has lost 2.29% over the past week.Despite the weekly decline, Bitcoin has gained 8.89% over the past 30 days. The recent cooling has therefore failed to disrupt the broader upward trend.The chart supports this view. Bitcoin traded near $65,600 on July 27 before fluctuating between $63,600 and $65,200 throughout the week. The price later slipped to around $63,978. The key detail is that the $64,000 strike price was almost identical to Bitcoin’s spot price at expiration. This means that a large share of the contracts were positioned around the current market price rather than a distant speculative target.That proximity makes the low put-call ratio more significant. Market participants appeared to expect Bitcoin to break above this price region.Ethereum’s price action tells a slightly different story. ETH is currently trading near $1,887, down 0.79% over the past 24 hours and 0.34% over the past week.The main difference appears in its monthly performance. Ethereum has gained 19.60% over the past 30 days, more than twice Bitcoin’s monthly return.The chart points to a similar pattern. Ethereum traded near $1,960 on July 27 before moving within a range of $1,880 to $1,940 during the week. It later declined to approximately $1,890.Ethereum’s $1,850 strike price also remained just below the spot price, with a gap of roughly $40. This proximity partly explains why Ethereum’s put-call ratio was more balanced than Bitcoin’s.When the spot price trades this close to a major strike level, investors can more easily open positions on both sides of the market for hedging purposes.Large options expirations often generate short-term volatility in the crypto market. Options writers may open positions in spot or futures markets to manage their exposure, especially when the spot price remains close to major strike levels.This hedging activity can trigger sudden and temporary price movements as expiration approaches. Part of the volatility seen in Bitcoin and Ethereum during the week may be linked to these adjustments.It is difficult to draw a long-term conclusion from a single day of options data. Still, Bitcoin’s low put-call ratio and the strong monthly performance of both assets suggest that the broader market trend remains upward despite the recent short-term cooling.
Weak Quarter for Crypto Giants: Bitcoin Decline Hits Earnings
Bitcoin’s decline in the second quarter weighed heavily on two of the crypto industry’s biggest names. Strategy (MSTR), the world’s largest corporate Bitcoin holder, reported a net loss of $8.2 billion on Thursday, while crypto exchange giant Coinbase (COIN) missed revenue expectations across almost every major business segment.Strategy’s loss came from Bitcoin’s carrying valueAccording to Strategy’s filing with the U.S. Securities and Exchange Commission, most of the loss did not involve a cash outflow. The company recorded an $8.32 billion fair-value loss on its Bitcoin holdings.As of July 26, Strategy held 843,775 Bitcoin, up 25% since the beginning of the year. At current prices, the holdings are worth around $54.8 billion, compared with the company’s total acquisition cost of $63.7 billion. That leaves Strategy with a substantial unrealized loss.The company raised $17.06 billion through share sales this year. It also repurchased $1.5 billion of its convertible debt at an 8% discount and increased its U.S. dollar reserve to $3.75 billion. Chief Financial Officer Andrew Kang said the reserve could cover preferred-stock dividends and interest obligations for more than 2.1 years.More notably, Strategy sold approximately $218.4 million worth of Bitcoin under its new BTC Monetization Program. The company has long been known for its “buy, hold and never sell” approach, making the transaction a small but meaningful departure from that strategy.Executive Chairman Michael Saylor said the company remained focused on its new “Digital Credit” business despite Bitcoin’s price weakness. Strategy has also announced a $1 billion share repurchase program for MSTR stock, although it has yet to use it.The company purchased approximately $25 million worth of STRC preferred shares below their nominal value. Management said it would continue buying the shares as long as they remained below that level.Coinbase delivers a more straightforward missCoinbase shares fell approximately 5% in after-hours trading. Revenue came in at $1.22 billion, below analysts’ expectations of $1.29 billion.Transaction revenue declined to $599 million, while subscription and services revenue fell to $555 million. Both figures missed market estimates. The reason was relatively simple. Bitcoin lost 14% during the quarter, while Ethereum declined 25%, dragging trading volumes lower.Coinbase was not the only platform affected by weaker market activity. Robinhood, which reported its results on Wednesday, said crypto revenue fell 38% year over year, dropping from $160 million to $100 million.In a post on X, CEO Brian Armstrong highlighted the company’s businesses beyond transaction fees, including stablecoins, Base and prediction markets. He also said Coinbase captured a record 10.3% share of global crypto trading volume.Chief Financial Officer Alesia Haas offered a more measured assessment. Industry-wide spot trading volumes fell by more than 20%, while the total cryptocurrency market capitalization declined by a double-digit percentage. These conditions pushed Coinbase’s total revenue down 14% from the previous quarter.Coinbase added 819 Bitcoin to its balance sheet during the quarter, increasing its total holdings by 5% to 17,211 BTC. However, the company’s main challenge remains reducing its dependence on transaction fees.Subscription and services revenue includes interest income from USDC, staking, custody services, Coinbase One memberships and institutional products. Its performance provides one of the clearest indications of how successfully Coinbase can insulate itself from market volatility.Analysts will continue watching developments in derivatives, prediction markets and Base, Coinbase’s Ethereum layer-2 network. The company is scheduled to meet with investors later in the day.
Fed Decision Hits 87,000 Crypto Traders: Details
The cryptocurrency market looks calm over the past 24 hours, but that appearance is misleading. Sharp price swings around the Federal Reserve’s interest rate decision wiped out a large volume of leveraged futures positions.According to CoinGlass data, $286 million worth of positions belonging to 87,294 traders were liquidated. The damage spread across Bitcoin, Ether and stock perpetual futures traded on cryptocurrency exchanges.Crypto investors feel the impact of the Fed decisionMajor cryptocurrencies were almost unchanged over the past 24 hours. However, prices moved sharply in both directions around the Fed meeting, clearing out leveraged positions before returning close to their starting levels.CoinGlass data showed that $186 million of the liquidations came from long positions, while shorts accounted for $100 million. In other words, the market hit traders on both sides before ending the period with little overall change.The damage in Bitcoin was almost evenly split. Of the $57 million in Bitcoin liquidations, $28 million came from longs and $29 million from shorts. Bitcoin traded between $63,247 and $64,660, a range of little more than 2%. The move looked modest, but it was enough to liquidate traders positioned in both directions. The largest single liquidation was a $2.9 million Bitcoin position on Binance.Ether liquidations reached $58 million, with long positions accounting for most of the losses. The price remained between $1,850 and $1,920.Bitcoin is currently trading near $63,900, while Ethereum stands at around $1,900. Both assets are almost exactly where they were 24 hours earlier.Fed decision triggers $188 million in liquidationsMost of the damage occurred around Wednesday’s Federal Reserve interest rate decision. The announcement alone triggered $188 million in liquidations, including $130 million in long positions.The more striking activity appeared in stock perpetual futures traded on cryptocurrency exchanges. SanDisk contracts recorded $19 million in liquidations, followed by Micron with $10 million, SK Hynix with $7 million and the leveraged semiconductor fund SOXL with another $7 million.These instruments are perpetual contracts that bring stock-market exposure onto cryptocurrency exchanges. They operate with the same leverage mechanism used for Bitcoin and other digital assets.Almost all the liquidations occurred on the long side. In Micron contracts, the ratio was seven to one, with $9 million in long liquidations compared with $1 million in shorts. SanDisk’s ratio was approximately two to one.Traders were using cryptocurrency infrastructure to bet on further gains in the artificial intelligence memory-chip theme. Those positions collided with one of the sharpest semiconductor sell-offs of the year.Chip rally turns against leveraged tradersThe timing proved costly. SK Hynix shares fell 17% on Wednesday after the company missed market expectations, despite reporting a 557% increase in profit. The Kospi has now fallen more than 40% from its June peak.This marked the second incident this week in which stock perpetual contracts traded on cryptocurrency exchanges caused substantial losses.On Monday, a single transaction on a low-volume Korean pre-market platform pushed Trade.xyz’s SK Hynix contract down 19%, triggering $60 million in liquidations. The exchange later agreed to cover all losses linked to the incident.
A Critical Night for Bitcoin: $9.6 Billion Awaits the Fed
Bitcoin is searching for direction around $64,000 ahead of the US Federal Reserve’s interest rate decision. Market indicators point to a quiet evening, but the probability of a rate increase and billions of dollars in derivatives positions create conditions for sharp price movements after the announcement.The Fed will announce its interest rate decision at 2:00 p.m. ET. Fed Chair Kevin Warsh will hold a press conference at 2:30 p.m. ET. According to CME FedWatch data, markets assign a 66.3% probability to no change and a 33.7% probability to a 25-basis-point increase.Bitcoin rebounded from support near $62,850 and climbed as high as $64,600 during the day. However, the $65,000–$65,200 range remains the first major obstacle to further gains. Options market points to $64,000Bitcoin’s current price remains close to the level where large options positions are concentrated. Approximately $9.61 billion worth of Bitcoin options will expire on July 31. The calculated max pain level for these contracts stands at $64,000.Max pain refers to the price at which the largest number of options contracts expire worthless. It does not provide a definite price target, but it partly explains why Bitcoin remains confined around $64,000 as the expiration date approaches.Bullish positions are also attracting attention. Investors have built approximately $2.5 billion in call option strategies targeting a move toward $72,000 by the end of the month. Calls also dominate the July 31 expiry, accounting for 116,260 BTC.Investors seek last-minute protectionThe put/call open interest ratio in Bitcoin options fell from 0.76 at the end of June to 0.52. This shift shows that investors hold less downside protection than they did last month.However, puts with strike prices of $62,000, $60,000 and $54,000 led trading volume over the past 24 hours. Overall positioning still favors the upside, but some investors have protected their portfolios against a sudden post-Fed decline.Total open interest across crypto futures remained near $113 billion. Trading volume increased 10% to $205 billion, while the ratio between long and short positions moved close to balance.Low volatility increases the risk of a surpriseBitcoin and Ethereum’s 30-day implied volatility indicators remain near recent lows. In other words, the derivatives market does not expect an unusually large short-term move.This calm stands out ahead of a meeting where the probability of a rate increase exceeds 33%. If the Fed moves against the market’s main expectation, low volume and limited hedging could magnify the price reaction.K33 Research data also shows a slowdown in trading activity. Bitcoin’s average daily spot trading volume fell to approximately $2.2 billion in July. The month is on track to record the lowest volume since November 2023.Critical levels for BitcoinA rate hold accompanied by a softer message from Warsh would direct Bitcoin toward resistance between $65,000 and $65,200. A break above this zone would bring the $65,800–$66,200 range and last week’s $66,700 high into focus.If Warsh signals a September increase despite keeping rates unchanged, the initial rally may lose momentum. Under this scenario, Bitcoin would fall below $64,000 and test support between $62,000 and $62,500.A surprise increase would push the dollar and US Treasury yields higher. Such an outcome would accelerate selling in Bitcoin and Ethereum while triggering liquidations among leveraged long positions. Lower liquidity would expose altcoins to even sharper moves than the leading cryptocurrencies.Bitcoin remained stronger than technology stocks throughout July. Tonight’s decision will provide an important test of whether the crypto market can continue separating from the Nasdaq.
South Korea’s Crypto Cleanup Hits 29 Exchanges
At least 29 overseas cryptocurrency exchange apps are no longer available for new downloads through South Korea’s Google Play Store. The affected platforms include OKX, Bybit, MEXC, KuCoin, Gemini, Backpack and BitMEX.Data compiled by local news outlet Digital Asset shows that the restrictions affect nearly 60% of the 50 largest foreign derivatives exchanges listed by CoinMarketCap.Why did Google introduce the VASP requirement?The restrictions stem from a policy change that Google introduced in January. Cryptocurrency exchanges and custodial wallet apps must now register with South Korea’s Financial Intelligence Unit, or FIU, as Virtual Asset Service Providers.Developers must submit proof of registration through the Google Play Console. Apps that cannot provide the required documents lose access to new installations and updates in South Korea.Previously installed versions may continue to operate for some time. However, the lack of security updates could gradually expose users to vulnerabilities.When the rule took effect on January 28, only 27 platforms had secured registration in South Korea. The list included major local exchanges such as Upbit and Bithumb.For global platforms such as Binance, Bybit and OKX, completing the registration process remains extremely difficult. Applicants typically need to establish a local company, build a compliant anti-money laundering system and obtain national information security certifications.The cost and bureaucracy involved have kept most major overseas exchanges outside the country’s registered market.Which exchanges are affected?According to Digital Asset’s list, the 29 affected apps are:OKX, Bybit, MEXC, KuCoin, BingX, XT.COM, Gemini, LBank, CoinW, BitMart, Pionex, BTCC, Ourbit, KCEX, ZoomEX, CoinEx, OrangeX, Phemex, CoinUp.io, Phemex Wallet, WEEX, MGBX, WhiteBIT, Bitrue, BitradeX, Backpack Exchange, CoinChief, BTSE and BitMEX. The outlet’s table also distinguishes between apps that Google has completely blocked from new downloads and those facing location-based restrictions.Restrictions currently apply only to Google PlayThe policy currently covers Google Play rather than the exchanges’ websites or Apple’s App Store. Android users can still attempt to download APK files directly or use a VPN, although these methods carry additional security risks.Users who already have the apps installed may also continue trading. The main problem will emerge over time, as outdated versions could become vulnerable to security flaws and compatibility issues.How could the market change?South Korea has more than 10 million active cryptocurrency users, equivalent to nearly one-fifth of the country’s population. According to data from the Financial Services Commission, the local crypto market has reached a value of 95 trillion won.Analysts believe tighter access to foreign exchange apps could redirect more trading activity toward local platforms such as Upbit and Bithumb. That shift could strengthen the domestic exchanges’ influence over token listings and trading fees.Some users may instead move toward decentralized exchanges and non-custodial wallets. These services can fall outside Google’s licensing requirement, particularly when they do not hold customer assets or operate as traditional centralized exchanges.The Google Play restrictions form part of a broader regulatory campaign. South Korea previously introduced the Travel Rule, requiring service providers to share sender and recipient information for transfers above a specified threshold.The latest policy shows that South Korean authorities are continuing to tighten oversight of the crypto sector. While overseas platforms remain accessible through other channels, losing direct access to Android users could significantly reduce their reach in one of the world’s most active cryptocurrency markets.
Bitcoin Eyes $70,000 as Options Traders Make Record Bullish Bet
Bitcoin was trading at $64,834 as activity in Deribit’s options market clustered around two key price levels: $70,000 and $72,000. The positioning points to a clear expectation among traders that Bitcoin could climb above these levels.Options contracts at the $70,000 and $72,000 strikes have accumulated approximately $5 billion in notional open interest. That represents around 18% of the total $28 billion in Bitcoin options open interest on Deribit.Since each contract represents one Bitcoin, these two strikes have become the most heavily traded contracts on the exchange.The figures reinforce the bullish picture. According to data from Laevitas, the $70,000 strike has roughly 39,000 call contracts, compared with only 3,800 puts. The picture is even more one-sided at $72,000. Traders hold approximately 37,900 calls at that strike, against just 1,200 puts. The wide gap between calls and puts reflects the strength of the market’s upward bias.A call option gives its buyer the right, without the obligation, to purchase Bitcoin at a predetermined price before or on a specified date. In this case, traders are betting that Bitcoin will rise above $70,000 or $72,000.A put option works in the opposite direction. It gives the buyer the right to sell at a predetermined price and is commonly used to hedge against losses or speculate on a price decline.Bull call spread takes center stageThe concentration at these two strikes is no coincidence. Laevitas identified a large bull call spread involving the purchase of $70,000 calls and the simultaneous sale of $72,000 calls.As its name suggests, the strategy targets a measured increase in Bitcoin’s price, with maximum gains reached if the asset climbs to $72,000. It allows traders to reduce the upfront cost of the bullish position, although it also caps their potential profit.According to Laevitas, this single structure accounts for 49% of the total call open interest at $70,000 and 50% of the call open interest at $72,000. In other words, roughly half of the enormous positioning at both strikes comes from one strategy.Calendar spreads were also among the notable trades. These strategies seek to profit from differences in volatility and pricing between options with different expiration dates.In another major transaction, a trader or group of traders purchased a large number of $70,000 calls to gain direct exposure to an upward Bitcoin move. The position cost approximately $3.4 million in premiums.Jimmy Yang, co-founder of institutional digital asset liquidity provider Orbit Markets, also highlighted similar trading activity. According to Yang, optimism over the possible passage of the CLARITY Act helped drive the positioning.Earlier this month, Orbit Markets saw strong demand for $70,000 and $72,000 calls expiring on July 31. Yang said much of that demand came from expectations that Congress could pass the CLARITY Act before the end of the month.That optimism has weakened over the past 24 hours. Yang noted that traders have started scaling back their expectations, prompting some bullish positions to be unwound.CLARITY Act expectations lose momentumPolymarket data reflects the shift in sentiment. The probability of the CLARITY Act becoming law this year has fallen from 51% at the beginning of the week to 38%.The reason for the decline is clear. Senate Majority Leader John Thune said he did not expect the Senate to vote on the bill before lawmakers leave Washington for the August recess.The performance of the July 31 options during their final days will therefore depend heavily on further developments from Washington.
Bitcoin May Be Facing the Toughest Test in 17-Year History
Data and analyst/writer Omkar Godbole suggests that Bitcoin is confronting a market environment unlike anything it has faced before. This time, the pressure is coming from the bond market.The yield on the U.S. Treasury’s 30-year inflation-protected security, known as TIPS, is currently close to 3%, its highest level in 17 years. As TreasuryBonds.com puts it, investors can lock in a return of roughly 3% above inflation for the next 30 years, backed by the U.S. government. What does the yield pressure mean for Bitcoin?Bonds have traditionally been viewed as safe-haven assets. When a relatively secure investment offers a return three percentage points above inflation, the opportunity cost of holding non-yielding assets such as gold or Bitcoin increases. At least, that is how the argument works on paper.The crypto community sees the issue differently. Bitcoin’s decentralized and censorship-resistant structure, supporters argue, makes it a stronger store of value. That argument is not entirely unfounded. When housing prices are measured in Bitcoin rather than U.S. dollars, the resulting picture appears to support this view.It remains unclear whether high TIPS yields will place lasting pressure on Bitcoin or whether the market will largely ignore them. For now, the second scenario appears more likely.Spot Bitcoin ETFs have attracted approximately $1 billion over the past seven trading days, suggesting that institutional capital is returning. However, if rising bond yields trigger a broader sell-off in technology stocks, it would hardly be surprising to see that pressure spread to the crypto market.The historical context behind TIPS yieldsThe yield on 30-year TIPS remained low for years following the 2008 global financial crisis. At times, real yields even fell below zero as central banks pursued expansive monetary policies.Real yields have risen again over the past few years as central banks reduced their bond purchases and concerns grew that inflation could remain elevated for longer. The latest move toward 3% signals a reversal of that prolonged downward trend and shows that safe assets are becoming attractive again.At the same time, continued inflows into Bitcoin ETFs suggest that this theory has yet to gain much traction in the crypto market.Other developmentsA series of attacks on protocols connected to Bitcoin and Ethereum resulted in combined losses of $35 million. According to blockchain data, three separate bridge protocols were targeted within a six-hour period.Oil prices also climbed following reports of attacks on tankers near Saudi Arabia and new U.S. threats against Iran. Brent crude futures rose 4.6% to $98.44 per barrel, while West Texas Intermediate crude gained 3.8% to $90.14.In foreign exchange markets, the U.S. dollar climbed to a 40-year high against the Japanese yen. It edged slightly lower against the euro ahead of the European Central Bank’s meeting on Thursday.
BlackRock, Coinbase and Seven Industry Giants Build a $15 Million Shield Around Bitcoin
Some of the biggest names in Bitcoin have joined forces. The Bitcoin Security Consortium has launched with a combined pledge of $15 million over the next three years. Its founding members include Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy and Strategy.The group brings together nearly every corner of the Bitcoin ecosystem, from custodians and exchanges to payment companies and asset managers.Mike Schmidt, executive director of Brink, a nonprofit organization that supports open-source Bitcoin developers, will oversee the consortium’s day-to-day operations on a volunteer basis.How serious is the quantum threat?The key point is simple: no quantum computer can break Bitcoin’s cryptography today, and credible estimates suggest that such technology remains years away. Still, post-quantum protection is already on the Bitcoin technical community’s agenda, and the consortium aims to fund that work.Its goal extends beyond financial support. The consortium also wants to become a reliable source of information for investors, the media and the wider public.Each member will manage its contribution independently and choose which developers or researchers to support. The consortium will not interfere with protocol development, advocate for specific changes or speak on behalf of Bitcoin or its developers.Strategy CEO Phong Le said that long-term Bitcoin holders have a direct interest in keeping the network secure. He added that funding the people working on its security and improving public understanding of the issue was a natural step for the company.Robert Mitchnick, BlackRock’s global head of digital assets, said Bitcoin Core developers perform critically important work. He noted that BlackRock and the other companies involved will now provide substantial additional funding to meet that need.Inspired by the open-source modelThe structure resembles a model long used by technology companies to support the open-source software they rely on: provide funding and visibility while leaving the work itself to independent developers.Bitcoin’s development will remain in the hands of a decentralized global community of contributors.Over the coming months, the consortium plans to publish and regularly update educational material about Bitcoin security. It will also continue funding the developer community.The profiles of the founding members underline the scale of the initiative. Anchorage Digital owns Anchorage Digital Bank N.A., the first federally chartered digital asset bank in the United States.Blockstream was founded by Adam Back in 2014 and says its Liquid Network secures more than $8.5 billion in value. Galaxy Digital trades on Nasdaq under the ticker GLXY and is expanding its data center operations through the 1.6-gigawatt Helios campus in Texas.The involvement of Coinbase and Fidelity Digital Assets, which serve major institutional clients, also shows that the initiative has support from some of the industry’s largest pools of capital, rather than being limited to Bitcoin’s technical community.
Crypto Exchange Ends Its 11-Year Journey: Shutting Down on September 23
BitMEX, the exchange that introduced 100x-leveraged perpetual swaps to the crypto derivatives market, has announced that it will permanently shut down on September 23. The platform has immediately stopped accepting new account registrations and given users two months to withdraw their assets.Sale talks failed to produce a dealThe exchange’s operator, HDR Global Trading Limited, appointed Broadhaven Capital Partners in February 2025 to explore a potential sale. According to a statement released on Thursday, the board decided to close the platform following a strategic review of both the company and the broader crypto industry.BitMEX did not explain why the sale process failed or disclose whether it had received any offers.A pioneer of crypto derivativesArthur Hayes founded BitMEX in 2014 with the goal of making professional-grade crypto derivatives available to retail traders. The perpetual swap developed by the exchange has since become one of the most widely traded products in the crypto market, with similar versions now offered across thousands of platforms.Legal troubles and presidential pardonsBitMEX pleaded guilty in 2024 to violating the Bank Secrecy Act. The exchange received an additional $100 million fine in January 2025 over shortcomings in its anti-money laundering program.President Donald Trump pardoned Hayes and the exchange’s other co-founders in March 2025.Two-month wind-down scheduleUsers have two months to close their positions. Beginning at 07:00 TRT on August 26, BitMEX will introduce risk limits that prevent traders from opening new positions while allowing them to reduce existing ones.Any positions still open when the platform shuts down will be forcibly closed by the exchange. BitMEX said it will not accept responsibility for losses resulting from users failing to close their positions before the deadline.All staked BMEX tokens have already been unstaked and returned to user accounts.Fees after the shutdownKYC-verified users who fail to withdraw their funds before the shutdown will be charged a monthly fee. The fee will be either at least $50 or 1% of the account balance per year, whichever is higher.BitMEX said the fee may increase over time with prior notice.Withdrawals will remain available after the platform closes. Users will also be able to log in to view their balances and transaction histories.BitMEX warned that Bitcoin block confirmations can sometimes take up to an hour. Withdrawal speeds may also be limited because the exchange uses a restricted pool of addresses.The company also warned users about phishing attempts seeking to exploit the shutdown. It stressed that it does not offer any expedited withdrawal service.Reserve claimsAccording to its proof-of-reserves and proof-of-liabilities page, BitMEX holds more assets than it owes to users. The exchange also said it has never lost customer funds in a hack since launching.The company has provided no further details about the findings of its strategic review or whether it received any offers during the sale process that began last year.
Trump’s Approval of Ethics Provision Lifts Crypto Market, Bitcoin Rises
The crypto market gained strong momentum today following reports that the final obstacle blocking the long-awaited US crypto market structure bill, the CLARITY Act, may have been removed.Eleanor Terrett, host of the Crypto in America program, said on X that President Donald Trump had agreed to a critical ethics provision in the bill. According to Terrett, the language was sent to a group of Republican senators. This marks tangible progress in negotiations that have remained stalled for months.Why was the ethics provision so important?The ethics issue was the main obstacle preventing the CLARITY Act from advancing through the Senate. The bill aims to distinguish digital assets classified as commodities from those treated as securities, draw clearer regulatory boundaries between the SEC and CFTC, and end years of uncertainty shaped by enforcement actions and lawsuits.At the center of the debate is the extent to which serving politicians should be allowed to profit from crypto. Trump’s own meme coins and his family’s stake in World Liberty Financial have intensified scrutiny. Financial disclosures released last month showed that these investments had generated millions of dollars for him.The provision was discussed during a July 16 meeting involving Trump, Republican Senators Bernie Moreno and Cynthia Lummis, and White House crypto adviser Patrick Witt. A source speaking to CoinDesk said a preliminary agreement had been reached with Trump.However, Democrats have not yet seen the proposed language, and no draft has been made public. The White House and the offices of the senators involved declined to comment. The source said the draft was expected to be released shortly. The Senate needs to vote on the legislation by early August.Market reaction came quicklyBitcoin climbed above $66,000 following the reports. The cryptocurrency gained roughly 3% to 3.5% over the past 24 hours, reaching its highest level in more than a month. Ethereum, BNB and XRP posted even stronger gains. Another factor supporting the rally came from Asian markets. Selling pressure on semiconductor stocks, which weighed on crypto prices last week, began to reverse. The rebound helped strengthen broader risk appetite.Alex Kuptsikevich, chief market analyst at FxPro, pointed to the 61.8% Fibonacci retracement level of the May–June decline, located below $68,000. He said a sustained move above this area would provide further confirmation of a bullish trend reversal.Prediction markets also changed directionOn prediction platform Polymarket, the implied probability of the CLARITY Act becoming law this year jumped from 32% on Friday to 43% on Monday. The increase marked a sharp recovery from the market’s lowest level since trading began in January.The rally continued during the European session on Tuesday morning. Bitcoin traded near $66,300, with its 24-hour gain approaching 3%. Ethereum and XRP rose by around 4%.Market participants, however, pointed to the recovery in artificial intelligence and semiconductor stocks, led by memory chip manufacturers such as Samsung and SK Hynix, as the main driver of the move. Reports concerning the ethics provision were viewed as an additional factor strengthening risk appetite.The bill’s fate now rests with the Senate. Until the proposed language is officially released, it remains uncertain how long the market can maintain its current optimism.
Kimi K3 Shock Pulls Bitcoin Down to $63,000
Bitcoin, Ethereum and other major cryptocurrencies fell on Friday. The sell-off was mainly attributed to Beijing-based Moonshot AI releasing a free artificial intelligence model that outperformed Anthropic’s best model in coding tasks.Moonshot unveiled Kimi K3 on Thursday. By Friday morning, AI and semiconductor stocks were falling across Asian markets. Market participants dubbed the event the “Kimi moment,” a reference to the DeepSeek shock that erased nearly $600 billion from Nvidia’s market value in a single session 18 months ago.What does the model do?Moonshot’s model has 2.8 trillion parameters and a context window of one million tokens. That makes it roughly four times larger than the previous version.K3 uses a mixture-of-experts architecture. For each task, it activates only 16 of its 896 internal experts. This keeps operating costs relatively low despite the model’s size. According to information shared in the company’s technical blog, the architectural changes provide around 2.5 times greater scaling efficiency than the previous model.K3 ranked first on Arena’s Frontend Code leaderboard with a score of 1,679. Anthropic’s Claude Fable 5 followed with 1,631 points, while OpenAI’s GPT-5.6 scored 1,618.K3 led six of the seven categories. Moonshot’s previous model ranked 18th on the same leaderboard, meaning the company climbed 17 places with a single release. However, K3 still trails the top configurations from Claude and OpenAI in general knowledge and reasoning tests. Its advantage is therefore concentrated in a specific field rather than extending across every category.The licensing terms are causing more concern in markets than the pricing itself. K3 is an open-weight model, and Moonshot plans to make the full version publicly available on July 27. Anyone will be able to download the model and run it on their own hardware free of charge.Anthropic released Fable 5 last month, while OpenAI launched GPT-5.6 a week ago. Both are closed-source, paid models. The assumption supporting hundreds of billions of dollars in AI infrastructure spending was that the most advanced models would remain scarce, expensive and primarily American. A free Chinese model taking the top spot in a coding leaderboard directly challenges that premise.Moonshot’s domestic rivals were among the hardest hit. Shares of Z.ai fell 27%, while MiniMax dropped around 16%.Domino effect across marketsBitcoin fell to around $63,000 on Friday. The cryptocurrency lost 1.7% over the previous 24 hours and 2.2% on a weekly basis.According to market data, ETH held near $1,836 and maintained a weekly gain of 2.4%. Hyperliquid suffered the steepest decline, falling 8% over 24 hours and 12% for the week. Bitcoin price Nasdaq 100 futures declined 1.8%, while S&P 500 futures dropped 0.9%. A semiconductor exchange-traded fund lost 3% in premarket trading. Taiwan’s stock market entered correction territory, while Asia’s main benchmark fell to its lowest level in two months. European markets proved relatively resilient because of their lower exposure to the technology sector.The central question behind the sell-off has been hanging over markets since the beginning of the month: Will the hundreds of billions of dollars invested by AI companies generate sufficient returns? TSMC’s results this week failed to provide a clear answer.The crypto market has been caught in the same current throughout the quarter. Softer inflation data pushed Bitcoin toward $65,000 earlier this week, although that move was driven by macroeconomic conditions. The sell-off in semiconductor stocks is now pulling prices in the opposite direction. The Federal Reserve will meet on July 28–29.The miners’ fragile betThe most tangible risk for the crypto sector lies in the business models of mining companies rather than in on-chain data. Over the past two years, Bitcoin miners have increasingly transformed themselves into landlords for AI data centers. They signed long-term contracts with model developers based on the assumption that demand for computing power used in training and inference would continue to rise.This strategy relies on scarcity. If advanced AI capabilities can be obtained for free through an open-source model that requires fewer resources, tenants may have less reason to sign these contracts. That could undermine the miner-to-AI transformation strategy that has supported the valuations of many publicly traded Bitcoin companies.DeepSeek’s release delivered the same lesson 18 months ago. The market reaction was sharp but brief. Nvidia recovered, Bitcoin rebounded and capital expenditure continued to rise.The difference this time may lie in how crypto is positioned. In January 2025, Bitcoin fell alongside technology stocks because it was treated as a risk asset during a risk-off session. In July 2026, it is behaving more like a leveraged reflection of the AI capital cycle. One week, it rises on the back of a Korean chip listing; the next, it falls after a new model announcement from China.K3’s model weights will become publicly available in ten days. That is when the market will find out whether its leaderboard performance holds up under broader scrutiny.
BTC, XRP and SOL ETFs See Inflows as $28 Million Exits Ether Funds
The picture across US spot crypto ETFs was mixed on July 16. Bitcoin funds recorded $79.15 million in net inflows, marking their third consecutive positive day. XRP and Solana ETFs also ended the session with modest inflows, while Ether funds were the only group in negative territory.Bitcoin ETFs had suffered a sharp $424.66 million outflow on July 13. Since then, the funds have steadily recovered, attracting $181.1 million on July 14, $107.7 million on July 15 and $79.15 million on July 16. The daily amount is shrinking, but the positive streak remains intact.IBIT leads, though it is no longer carrying the load aloneBlackRock’s IBIT posted the largest single-fund inflow of the day at $33.44 million. Fidelity’s FBTC followed closely with $30.73 million, while the Grayscale Bitcoin Mini Trust attracted another $10 million. The remaining funds reported no net movement.This differs from the pattern seen in recent sessions. On July 14, IBIT alone accounted for $138.9 million, nearly all of the day’s total inflows. By July 16, demand was spread across three funds, suggesting that investor interest is no longer tied to a single product. It is a small but meaningful shift.The gap becomes even wider when cumulative figures are considered. IBIT has attracted $60.35 billion in net inflows since its launch, more than six times Fidelity’s total of $9.97 billion. Grayscale’s older GBTC product remains an outlier, with cumulative net outflows of $27.33 billion since launch.Ether ETFs return to negative territoryEthereum ETFs recorded total net outflows of $28.04 million. Grayscale’s spot ETH fund posted the largest withdrawal at $14.3 million. Fidelity’s FETH lost $11.2 million, while Grayscale’s ETHE saw $4.8 million leave the fund.ETHW delivered the only positive result, attracting $2.3 million. BlackRock’s ETHA recorded no net movement.The picture had been entirely different one day earlier. Ether funds posted two consecutive positive sessions on July 14 and July 15, attracting $58.3 million and $53.9 million, respectively. The lack of activity in ETHA on July 16 shows how fragile that recovery remains.XRP and Solana post small but steady inflowsXRP ETFs attracted $6.78 million, while Solana ETFs recorded $1.66 million in net inflows. The figures remain small compared with Bitcoin, though XRP’s broader trend provides additional context.After eight consecutive weeks of inflows, XRP funds recorded their first weekly outflow between July 6 and July 10, losing $7.18 million. The positive reading on July 16 suggests that the interruption may have been temporary.Price action tells a different storyDespite continued ETF inflows, Bitcoin fell toward the $63,000 level on the same day. The market sentiment index also remained in the “Fear” zone.Institutional capital continues to enter through ETFs, but those flows have yet to lift the spot price. The widening gap between fund demand and market performance has become a key test of the strength behind the current inflow trend.
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.
