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Public companies accumulating cryptocurrencies have started to ease off their aggressive buying strategies. BitMine Immersion Technologies recorded its smallest weekly Ethereum purchase of 2026, while Strategy sold part of its Bitcoin holdings and used the proceeds to repurchase shares.Both transactions suggest that crypto treasury companies are placing greater emphasis on capital management alongside digital asset accumulation. BitMine has been buying back its own shares, while Strategy strengthened its cash reserves and retired part of its preferred stock.BitMine’s Ethereum purchases slow downBitMine, the world’s largest Ethereum treasury company, purchased 7,391 ETH last week. Worth approximately $14.2 million, the transaction marked the company’s smallest weekly Ethereum acquisition of 2026.The purchase lifted BitMine’s total holdings to 5.81 million ETH. The company now controls approximately 4.8% of Ethereum’s total supply. The latest transaction also extended BitMine’s uninterrupted ETH buying streak to 58 weeks.However, the weekly purchase remained far below the acquisitions of more than 100,000 ETH that the company completed earlier this year. BitMine Chairman Thomas Lee previously said the company would slow its buying pace as it approached its goal of owning 5% of Ethereum’s supply.BitMine has shifted its focus toward share repurchases during this period. The company bought back 3 million BMNR shares last week for an estimated $50 million to $58 million. Its total share repurchases since July have now reached 19.1 million shares.BitMine also holds 209 BTC, $104 million in cash and marketable securities, as well as stakes in Beast Industries and Eightco Holdings.Strategy sells 1,690 BitcoinBitcoin treasury company Strategy sold 1,690 BTC last week, raising $108.6 million. The Bitcoin was sold at an average price of $64,262 after fees and expenses. The company used the entire amount to repurchase shares of its variable-rate preferred stock, STRC. Strategy bought back 1,152,020 STRC shares for $108.6 million.Following the sale, Strategy’s Bitcoin holdings fell to 840,447 BTC. The company acquired these coins for a total of $63.36 billion at an average purchase price of $75,385.Strategy also raised another $653.1 million by selling 6.59 million shares of common stock during the same week. It transferred $650 million of the proceeds to its dollar reserve, lifting the balance to $4.65 billion as of August 9.Companies turn their attention to capital managementBitMine’s smaller Ethereum purchases and Strategy’s Bitcoin sale point to a new phase in corporate crypto treasury strategies. Companies are placing greater weight on share repurchases, cash reserves and financing costs as they manage their digital asset holdings.Thomas Lee also expressed disappointment that the CLARITY Act failed to secure a Senate vote before the August recess. Still, he said softer inflation and employment data could ease financial conditions, creating a supportive environment for the crypto market.
The crypto market could see renewed volatility during the week of Aug. 11-16 as investors prepare for U.S. inflation data and several major token unlocks. Bitcoin started the week near the $65,000 level, with attention shifting to July’s consumer inflation report and its potential impact on Federal Reserve policy.Bitcoin was trading at around $65,100 on Aug. 10, while Ethereum hovered near $1,625. The reduced likelihood of another interest-rate increase following weak U.S. employment data supported a modest recovery across crypto assets. U.S. inflation could set the direction for BitcoinThe week’s most important data release is scheduled for Wednesday, Aug. 12, at 8:30 a.m. ET. Annual U.S. consumer inflation is expected to ease from 3.5% to 3.4%, while the monthly CPI reading is forecast at 0.1%. The U.S. Bureau of Labor Statistics has confirmed that July’s figures will be published on that date.A lower-than-expected reading could strengthen the view that the Fed will keep interest rates unchanged. Such an outcome may weigh on the dollar and Treasury yields, creating a more supportive environment for risk assets, including Bitcoin.Producer inflation and weekly jobless claims will follow on Thursday, Aug. 13. U.S. retail sales and the University of Michigan’s consumer sentiment index are scheduled for Friday. The preliminary August sentiment reading will offer further insight into households’ views on the economy and inflation after the index reached 55.2 in July.The Reserve Bank of Australia will also announce its interest-rate decision on Tuesday, Aug. 11. Developments in the Middle East and movements in oil prices remain another major risk, particularly because of their potential effect on inflation expectations.WLFI and altcoin unlocks enter the spotlightOne of the largest events on the crypto calendar is scheduled for Aug. 12. Approximately 6.91 billion WLFI tokens held by AI Financial Corporation are expected to become fully transferable, subject to the required conditions. At current prices, the holdings are worth around $360 million. The company disclosed the timetable in an SEC filing submitted in June.Approximately 9.17 billion PUMP and 11.31 million APT tokens are also scheduled to unlock on the same day. Another 1.32 million CONX tokens will enter circulation on Aug. 15.The week’s largest unlock relative to circulating supply will take place on Aug. 16. Around 120 million YZY tokens, currently valued at approximately $35 million, are expected to be released. Another 92.65 million ARB tokens will enter circulation on the same day. Their dollar values may change depending on price movements.Investors will therefore be watching trading volumes, exchange inflows and large-wallet activity around the unlocks. Short-term volatility could increase as the additional supply reaches the market.Finally, the second-quarter Form 13F filing deadline falls on Aug. 14. The disclosures will show how major U.S. institutional investment managers changed their Bitcoin and Ethereum ETF positions during the quarter. According to the SEC calendar, Friday is the final day for the filings.
Large investors are accelerating their Bitcoin purchases, while a $3.2 million transfer from a wallet dormant since 2011 has attracted attention. Whale accumulation and ETF inflows support expectations of a price increase, although Bitcoin has yet to begin a strong move above $65,000.According to Santiment data, wallets holding between 10 and 10,000 BTC have purchased more than 20,000 Bitcoin since July 29. Worth approximately $1.2 billion at current prices, the purchases occurred within the narrow range below $65,000 where Bitcoin has recently traded.Bitcoin whales accelerate their purchasesSantiment reported that large investors were accumulating Bitcoin while smaller holders were selling. According to the company, this divergence makes a move above $70,000 increasingly likely compared with a decline below $60,000.Institutional investor demand is also showing signs of recovery. According to SoSoValue data, U.S.-listed spot Bitcoin ETFs recorded $754.69 million in net inflows this week.The funds are now heading for their strongest weekly performance since April. Nexo analyst Liya Kalchev said Wednesday’s inflows alone exceeded $240 million, marking a significant reversal following record outflows in June.However, the strong ETF inflows have yet to produce a comparable increase in Bitcoin’s price. According to Kalchev, this could indicate that current buyers are pursuing short-term opportunities instead of showing strong conviction in a long-term rally.The analyst said Bitcoin needs a decisive close above $65,000 to establish a sustainable recovery narrative. The postponement of the Clarity Act vote until September also remains among the political uncertainties limiting faster growth in institutional demand.Bitcoin wallet dormant since 2011 becomes activeWhile large investors continued buying, a Bitcoin wallet that had remained inactive since 2011 transferred nearly 50 BTC. The wallet sent the assets, worth approximately $3.2 million, to an address that previously transferred funds to institutional crypto brokerage FalconX.According to Galaxy Research, the wallet received 49.97 BTC on July 16, 2011. Bitcoin traded at approximately $10 at the time, placing the total value of the holdings at only around $500. The transfer occurred on August 6 in block 961331 on the Bitcoin network. The assets from the dormant wallet were combined with smaller inputs from other addresses before a total of 50 BTC was sent to a SegWit address.Arkham data show that the receiving address previously transferred 6.336 BTC and 16.131 BTC to wallets labeled as FalconX deposits. The same address has also received funds from wallets linked to Nexo and Prime Trust.However, the newly transferred 50 BTC remained at the address as of Friday morning. Therefore, there is no on-chain evidence that the assets were sent to FalconX or sold.Coldcard vulnerability prompts activity in old walletsThe transfer came as dormant Bitcoin wallets began showing renewed activity following the discovery of a security vulnerability in Coldcard hardware wallets. Manufacturer Coinkite said a firmware flaw dating back to 2021 could expose private keys generated by some affected devices.Attackers have stolen up to $114 million in Bitcoin from vulnerable wallets across four waves of attacks since July 30. However, there is no evidence connecting the wallet created in 2011 to the Coldcard vulnerability.Whale purchases and ETF inflows provide a supportive backdrop for Bitcoin. Still, transfers from dormant wallets, political uncertainty and selling pressure around $65,000 continue to prevent the market from establishing a clear direction.
A large-scale security review of the Bitcoin ecosystem uncovered thousands of potential software vulnerabilities in just 27.5 hours. A volunteer team reported 4,962 findings across 390 Bitcoin projects, including 85 classified as critical. According to data shared by Calle, the pseudonymous developer behind the Cashu e-cash protocol, 16 Bitcoin developers participated in the review. The team used artificial intelligence models to examine the code of Bitcoin wallets, cryptographic libraries and infrastructure software.Calle described the situation as “extremely bad.” In addition to the 85 critical vulnerabilities, the findings included 635 issues classified as high severity.These figures do not mean that thousands of vulnerabilities were found directly in Bitcoin’s core protocol. The review covered open-source wallets, tools and various infrastructure projects connected to Bitcoin.Critical vulnerabilities reported to project ownersAccording to Calle, the team is privately disclosing critical findings to the developers responsible for the affected projects instead of releasing them publicly. Project owners quickly verified most of the critical reports.Before submitting a report, the developers also attempt to reproduce each vulnerability in a local testing environment using a working proof of concept. This process helps filter out inaccurate AI-generated results and provides project teams with findings they can independently verify.However, the large number of reports generated within such a short period has created another problem. Calle said the ecosystem was experiencing considerable chaos, with project maintainers struggling to process the volume of submissions.The team does not yet operate a fully automated system. A significant portion of the review still requires human guidance, while developers continue to improve the automated testing infrastructure.Calle said allowing team members to use their preferred review methods has proved to be the most effective approach so far. The AI models can therefore operate with different testing methods, while developers assess whether the generated reports point to genuine security vulnerabilities.Rob Hamilton, who is developing the team’s automated review infrastructure, said identifying software vulnerabilities was no longer the main challenge. According to Hamilton, the hardest part is delivering reports to the correct project maintainers and coordinating the remediation process.The review comes as the Bitcoin ecosystem continues to deal with the consequences of a vulnerability affecting Coldcard hardware wallets. Attacks linked to a software flaw dating back to 2021 have reportedly resulted in the theft of as much as $114 million worth of Bitcoin since July 30.The attackers involved in the Coldcard incident did not need physical access to the affected devices. A flaw in the firmware made the key space associated with generated seed phrases predictable, allowing the attackers to remotely transfer funds from vulnerable wallets.
The US spot Bitcoin ETF market is preparing for its first closure. Crypto asset manager Hashdex has decided to liquidate its Bitcoin fund, which trades under the ticker DEFI, after the product failed to attract sufficient investor interest.According to a filing submitted to the SEC, the fund will cease trading on NYSE Arca on August 17, 2026. Hashdex will then sell the Bitcoin held by the fund and distribute the remaining proceeds to investors in cash. DEFI will stop trading on August 17Hashdex said it decided to liquidate the fund after evaluating its assets under management, trading liquidity, operating costs and investor demand. DEFI held only $14.48 million in net assets as of August 3.That figure is considerably smaller than the roughly $47 billion held by BlackRock’s IBIT, the largest US spot Bitcoin ETF. The gap suggests that investors increasingly favor larger and more liquid products when choosing between funds that provide similar exposure.August 17 will be DEFI’s final trading day. The fund will also stop accepting new share creation orders after that date.Hashdex will begin converting the portfolio into cash on August 18. Investors who still hold shares after the final trading day are expected to receive a cash distribution on or around August 24.Bitcoin will be sold during the liquidationDEFI’s portfolio consists entirely of Bitcoin and held $14.48 million in net assets as of August 3.Based on the current Bitcoin price, Hashdex could liquidate approximately 225 BTC during the process. The final amount may change depending on investor sales before August 17 and movements in Bitcoin’s price.The sale could create limited short-term pressure. However, 225 BTC is not large enough to disrupt the broader market when compared with Bitcoin’s daily trading volume.The decision still carries symbolic weight. While cryptocurrency ETFs based on futures contracts have closed before, DEFI may become the first US spot ETF holding Bitcoin directly to enter liquidation.Concentration is increasing in the Bitcoin ETF marketHashdex’s decision shows that growth in the spot Bitcoin ETF market has not been distributed evenly among issuers. A large share of investor capital has flowed into highly liquid funds operated by companies such as BlackRock, Fidelity and Grayscale.Smaller funds face higher operating costs when trading activity remains low. As a result, other Bitcoin ETFs that fail to reach sufficient scale could also face closure, even if their issuers reduce management fees.Bitcoin was trading at around $64,150 on August 5. BTC had gained 1.12% over the previous 24 hours, moving between $63,558 and $64,467.Bitcoin’s daily trading volume stood at approximately $23.1 billion during the same period. The estimated 225 BTC that Hashdex could sell was worth about $14.4 million based on the fund’s current size.The potential sale therefore represents approximately 0.06% of Bitcoin’s daily trading volume. Hashdex will also begin selling the fund’s assets on August 18, meaning the current price action does not yet reflect the actual liquidation transactions.
Bitcoin held above $63,000 after starting the day under pressure from a security exploit and institutional selling. BTC fell as low as $62,227 before improving risk appetite on Wall Street helped it recover toward $63,800 by around 10:00 p.m. Türkiye time. Ethereum did not fully participate in the rebound. ETH traded near $1,868, down about 0.3% for the day. Solana recorded a modest gain near $74, while XRP remained flat at around $1.08.The crypto market’s recovery also lagged behind the rally in US equities. The Nasdaq gained about 2% during the same period, while Bitcoin’s daily increase remained below 1%.Coldcard exploit losses approach $114 millionThe first major source of pressure came from an exploit targeting Coldcard hardware wallets. Researchers estimate that the attacker has moved approximately 1,816 Bitcoin from more than 5,200 addresses since July 30.At current Bitcoin prices, the stolen assets are worth close to $114 million. During the first wave alone, 1,083 BTC was drained from 1,196 addresses in just 41 minutes.Researchers linked the exploit to a random number generation flaw in a firmware version released in March 2021. The vulnerability made the private keys of some users predictable enough for attackers to reproduce them.Coldcard manufacturer Coinkite released an emergency firmware update for affected models. The company also urged users with single-key wallets created using the flawed software to move their assets to newly generated addresses.Some transactions from the fourth wave are still awaiting confirmation. These transactions use Bitcoin’s replace-by-fee feature, giving affected users a limited opportunity to pay a higher fee and move their funds before the attacker.Strategy sold $105 million in BitcoinThe second source of pressure came from Strategy, widely known as the market’s largest corporate Bitcoin holder. The company sold 1,638 Bitcoin last week at an average price of $63,957, raising $104.73 million.The sale reduced Strategy’s Bitcoin holdings to 842,138 BTC. The company paid a total of $63.51 billion for these assets, resulting in an average purchase price of $75,419.Strategy also sold 3.01 million MSTR shares during the same period, raising another $290.6 million. The company used part of the proceeds to increase its US dollar reserve by $250 million and repurchase its high-yielding STRC preferred shares.Strategy bought back 912,143 STRC shares for $81.2 million. Its total cash reserve consequently reached $4 billion.MSTR shares initially fell in premarket trading following the Bitcoin sale. However, the stock reversed course alongside the broader Wall Street rally, gaining more than 2% to trade near $95 by around 10:00 p.m. Türkiye time.Cautious optimism in derivatives marketsThe derivatives market did not produce a clear directional signal. Open interest in Bitcoin futures climbed to a one-month high of 772,000 BTC.The annualized funding rate remained positive at around 4%. This suggests that traders are still willing to pay a premium to maintain bullish positions.However, sell-side positions accounted for more than 52% of taker volume in the futures market. The aggressive behavior of sellers showed that traders remained cautious despite Bitcoin’s recovery above $63,000.The 30-day implied volatility index held near 37%. On Deribit, call options with strike prices of $68,000 and $70,000 attracted the highest trading activity.Regulatory risks return to focusUncertainty surrounding the Clarity Act also returned to the market’s agenda. Bernstein analysts said the Senate’s limited schedule had reduced the chances of the bill passing in 2026.The brokerage expects another crypto sell-off if lawmakers fail to pass the legislation. However, faster rulemaking by the SEC and CFTC could shorten the duration of any negative market reaction.Bitcoin is absorbing the negative headlines while holding above $63,000. Still, its inability to reclaim $65,000 and weakening institutional demand continue to limit the strength of the recovery.
Derivatives exchange CME Group has asked the SEC to withdraw its conditional approval of Nasdaq PHLX’s cash-settled Bitcoin index options. CME’s argument is straightforward: these contracts fall entirely under the jurisdiction of the CFTC, not the SEC.The SEC accepted CME’s petition on July 29 and stayed the approval until the full commission reviews the matter. The deadline for submitting written statements supporting or opposing the approval is August 24. The order offers no indication of how commissioners view CME’s arguments, leaving the product’s future uncertain. What sparked the jurisdictional dispute?Nasdaq first announced its plans for the options with CF Benchmarks in 2024. The key difference from existing options tied to spot Bitcoin ETFs lies in the underlying asset. Those products are based on securities, while Nasdaq’s proposed options would track an index linked directly to Bitcoin. That distinction sits at the center of the dispute.The SEC’s Division of Trading and Markets approved the application on May 22 under delegated authority. However, Nasdaq still needed separate exemptions from the CFTC before trading could begin.If granted, those exemptions would allow Nasdaq PHLX, formerly known as the Philadelphia Stock Exchange, to offer the contracts under both SEC and CFTC oversight. They would also allow the Options Clearing Corporation to clear the products without registering separately with the CFTC as a derivatives clearing organization.CME argues that Bitcoin is a commodity rather than a security. An option tied directly to its value therefore does not qualify as a security-based derivative. Instead, CME says it meets the definition of a commodity option or swap, placing it exclusively under the CFTC’s jurisdiction under the Dodd-Frank Act.One of the most significant points in CME’s petition concerns the limits of a CFTC exemption. According to the company, granting an exemption does not transfer jurisdiction to the SEC. In other words, the type of CFTC relief Nasdaq requires would not amount to permission for the SEC to regulate the product as well.CME argues that the division of authority between the two agencies cannot be changed through an administrative exemption. It also rejects the idea that the SEC can claim oversight simply because the product would trade on a securities exchange. Jurisdiction, CME says, comes from the nature of the product, not the platform on which it trades.The company further claimed that the SEC’s Division of Trading and Markets exceeded its authority and adopted an unusual interpretation of Section 717 of the Dodd-Frank Act. CME asked the commission to overturn the approval entirely.It also issued a broader warning. If the decision stands, exchanges could potentially list options or futures tied to other non-security commodities under SEC rules.Competition also appears to be a major concern for CME. The company said Nasdaq’s product would compete directly with its own offerings and could create additional regulatory costs for its exchange and clearing businesses.How would the contract work?The proposed options would trade under the symbol QBTC and reference the CME CF Bitcoin Real Time Index divided by 100. The index uses order book data from eligible Bitcoin-dollar markets and updates every 200 milliseconds.The contracts would be European-style, meaning holders could exercise them only at expiration. Settlement would take place entirely in US dollars, with no Bitcoin changing hands.The final settlement value would use the CME CF Bitcoin Reference Rate New York Variant, also divided by 100. Calculated once per day, the benchmark draws on Bitcoin-dollar transactions completed during a one-hour window ending at 4:00 p.m. New York time.Nasdaq argues that the product would give spot Bitcoin ETF holders another way to hedge or adjust their exposure on a national securities exchange. Investors could also manage the options under the same margin framework as their ETF positions.
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.
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.
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.
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.
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.
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 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.
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.
