Progmat completed the migration of its security‑token platform from Corda 5 to a new Avalanche Layer 1 blockchain. The company moved all active security‑token projects to Avalanche while preserving existing functions and institutional controls, according to its internal testing. The migration enables rights transfers that are three to five times faster than the previous system, Progmat said, and achieves transaction finality in less than two seconds, the company reported. Progmat’s platform now supports security tokens that are compatible with the Ethereum Virtual Machine, expanding the tokenized asset market to include funds, stocks, treasuries and credit products. The migration represents more than ¥452 billion in underlying assets and securities. Progmat describes itself as Japan’s leading domestic security‑token platform. The work was carried out under Project Keystone, and Progmat redesigned the system so its business functions no longer depend on a single blockchain, adding a mediator layer that will allow future connections to other chains while keeping issuance, ownership and transfer processes unchanged. AvaCloud, which provides the dedicated Avalanche network and related services, said the setup meets SOC 1 and SOC 2 Type II assurance standards. Progmat noted that the transition caused minimal disruption for issuers and that existing users did not need to rebuild their products. The new contracts are Solidity‑based, replacing the earlier Java‑based Corda code. Progmat and Ava Labs have also created a response system for outages that operates during nights and holidays. The platform is intended for institutional use rather than unrestricted retail trading. While the migration supports planned cross‑chain settlement for assets such as stablecoins and tokenized bank deposits, Progmat has not released public data on performance during peak demand or on new trading volumes linked to the change. Datachain said in February that partners plan cross‑chain services for delivery‑versus‑payment and payment‑versus‑payment transactions. Progmat said its revised design can support multiple chains based on asset features or investor needs. BlackRock’s BUIDL fund reached about $900 million on Avalanche, and the network’s distributed real‑world assets stood near $2.10 billion. Progmat will support ongoing studies by Metaplanet and JPYC into Bitcoin‑backed digital credit, and Securitize previously listed its shares on Avalanche and Solana.
Bitcoin, Ethereum, regulation, and the forces moving digital assets.
Swyftx, an Australian cryptocurrency exchange, estimates that AI‑enabled microbusinesses could add $262 billion to stablecoin transaction volumes by 2033.
The exchange’s second‑quarter report projects the global gig and freelance payments market to reach $2.1 trillion by 2033, with AI‑native workers accounting for $775 billion.
Swyftx’s base‑case model assumes a 33% adoption rate among AI‑native workers, resulting in $262 billion of payment volume settled in stablecoins. Lead market analyst Pav Hundal said the “vibe‑coding” and AI economy present a potential tailwind for stablecoin use, noting that adoption requires compelling economics and clear rules. Stablecoins have doubled their market capitalization in two years and recorded $1.79 trillion in transaction volume in June. Freelancers, especially firms with fewer than five employees, are among the fastest adopters of AI technology, creating a growing class of solo entrepreneurs who operate across borders and invoice frequently. These workers, estimated at six to ten million today and projected to reach 17 million within a decade, face high remittance and transaction fees with traditional banking systems. Hundal said that using stablecoins can save freelancers thousands of dollars annually, with Ethereum layer‑2 transfers reducing fees by 80% to 90% and cutting annual fees by about 86% on average. The agentic AI payment model, in which AI agents lack bank accounts, may further increase stablecoin usage.
Swyftx added that if its projections hold, the institutional layer — encompassing over‑the‑counter liquidity, custody and yield services — could capture up to $1.3 billion in revenue by 2033, assuming a 0.5% cost structure on total transaction, liquidity and custody volumes.
The potential revenue stream is contingent on regulatory clarity and continued economic incentives for stablecoin adoption.
An updated draft of the Digital Asset Market Clarity Act is expected to be released this week, combining versions from the Senate Banking and Agriculture committees and adding roughly 70 pages, according to individuals familiar with the negotiations. The draft does not include an ethics provision and is not yet ready for a vote, sources said.
Lawmakers have indicated that a Senate floor vote could occur during the week of July 20 or July 27, a timeline that would require at least 60 votes and the support of several Democrats, given potential Republican opposition, the sources added. Senate Majority Leader John Thune said in July that he was willing to schedule a vote, but the presence of contentious issues may affect the required bipartisan support.
The White House has been less engaged recently, though some officials say it may wait to see how other disputes are resolved before taking a position, the report noted. President Trump’s $1.4 billion crypto holdings and his stance on ethics are expected to influence the floor vote, with analysts suggesting that without an ethics agreement Democratic senators may be unlikely to back the bill.
A provision in the housing bill that bars the Federal Reserve from issuing a central bank digital currency for four years took effect on Saturday, removing a potential conflict that could have stalled the Clarity Act negotiations.
Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital moved into AI equities and Bitcoin ETFs recorded their largest quarterly outflow, according to a quarterly review report.
Stablecoin market capitalization fell by about $10 billion since reaching a record high in May, the largest monthly dollar decline since the TerraUSD collapse in May 2022. Total supply dropped to roughly $312 billion in June, a 2.4 % decline that equals about 3 % of the May peak. Tether’s USDT accounted for roughly $184 billion and Circle’s USDC about $73 billion, together holding close to 59 % of the market, indicating continued reliance on the two largest dollar‑backed tokens. Transaction volume remained high, reaching a record $1.78 trillion in June, with USDC processing about $1.21 trillion and USDT $573 billion. The decline coincided with outflows exceeding $4 billion from U.S. spot Bitcoin exchange‑traded funds in June, the worst monthly result since the ETFs launched, suggesting weakening institutional demand. Regulators are advancing the GENIUS Act, which establishes a federal framework for payment stablecoins, and are drafting rules on customer identification, sanctions, and reserve requirements; new reserve products from Fidelity and State Street have also been tracked. Analysts at Wincent described the pullback as a relatively small adjustment in what they view as a long‑term growth market, noting that the current contraction remains far below the 26 % decline observed during the 2022 bear market. Investors will watch July issuance and redemption data, exchange volumes, and ETF flows to determine whether demand is rebounding or continuing to weaken.
Pakistan Virtual Assets Regulatory Authority chairman Bilal bin Saqib said he will continue dialogue with scholars after meeting Mufti Taqi Usmani, who issued an Islamic legal ruling that purchases using cryptocurrency, including stablecoins such as USDT, are not permissible under their interpretation of Sharia law. The ruling, signed by Usmani and five other scholars from Jamia Darul Uloom Karachi, stated that digital tokens do not qualify as recognized property or wealth. Saqib emphasized that blockchain technology, digital assets, stablecoins and tokenized real‑world assets span a broad range of technologies and use cases, and that each category should receive careful technical assessment alongside rigorous Shariah examination rather than being judged by a single lens. He added that protecting Pakistanis from fraud, exploitation and financial harm is a priority. The discussion comes as Pakistan relaxes restrictions on the crypto sector; on April 15 the State Bank of Pakistan allowed banks to open accounts for virtual asset service providers licensed by PVARA, ending an eight‑year ban. The move follows the passage of the Virtual Assets Act 2026 in March, which created PVARA as the statutory regulator for licensing and oversight of virtual asset activities. The regulator’s call for ongoing dialogue highlights the tension between developing a regulated crypto market and religious objections that may influence public acceptance in a country where over 96% of the population identifies as Muslim.
Bitcoin held near $63,800 on July 13 while gold, oil, equities and Treasuries fell after the United States carried out a fourth round of strikes against Iran. The strikes raised concerns that a wider conflict could keep oil prices elevated and prompt the Federal Reserve to maintain higher rates for longer, weighing on gold and bond markets. Spot gold slipped up to 1.6% to around $4,050 an ounce; Brent crude rose about 4% to above $79 per barrel; the two‑year Treasury yield rose to its highest level since February 2025; and MSCI's Asia Pacific index dropped 1.6%. Bitcoin was down 0.3% in the last 24 hours but up 2% for the week; Ether remained near $1,800, up about 2% week‑over‑week; Solana fell 5% over seven days, while XRP stayed at $1.09 and Dogecoin hovered near $0.07. SK Hynix shares dropped 12% in Seoul after a 13% gain in its U.S. listings, pulling the Kospi down 7%. Crypto's limited response to the geopolitical shock differs from earlier periods when Middle East tension triggered more pronounced moves, indicating that price action now follows dollar liquidity and chip‑related equity trends. Future price direction will depend on Federal Reserve policy and oil price developments.
Ripple Chief Executive Brad Garlinghouse said he and co-founder Chris Larsen debated shutting down the company and distributing its XRP holdings to shareholders after the U.S. Securities and Exchange Commission sued Ripple in 2020. They opted to continue operating, a decision that saved hundreds of jobs but incurred roughly $150 million in legal expenses over four years.
Garlinghouse described the contemplated shutdown as the easier path against a regulator he said had unlimited power and resources. He told the University of Kansas School of Business that Ripple could have dissolved and handed XRP to shareholders on a pro rata basis, ending the litigation by ending the company.
The SEC filed its suit in 2020, alleging that Ripple sold XRP as an unregistered security and naming Garlinghouse and Larsen as defendants. Garlinghouse said he met with SEC officials four times between 2017 and 2019 without legal counsel and was never informed that XRP might be treated as a security, which led him to view the agency’s actions as a lack of clear regulatory guidance.
Ripple incurred legal costs of about $150 million during the four‑year litigation. In 2023, a federal judge ruled that XRP itself is not a security, and the parties settled the case in May 2024 after the Trump administration installed new SEC leadership that adopted a more accommodating stance toward cryptocurrency.
Garlinghouse said he was glad in retrospect, though the decision had seemed uncertain at the time.
Ripple continues to operate and hold XRP assets, while the broader regulatory environment for digital assets remains under review.
XRP futures open interest fell and regulated XRP exchange-traded funds recorded net outflows, while institutional usage of the XRP Ledger expanded with tokenized assets and a privacy proposal.
According to SoSoValue, XRP ETFs saw about $7.2 million in net outflows in the week ended July 10, ending a nine‑week inflow streak that had added roughly $200 million. Cumulative inflows reached $1.48 billion and fund assets approached $1 billion. Open interest in XRP futures dropped from nearly $3 billion in June to about $2.3 billion by mid‑July, a decline of roughly $700 million, with Binance alone losing more than $100 million. Long liquidations rose 94 percent week‑over‑week and were 172 percent above the three‑month average, while short liquidations fell by over 50 percent. Binance’s XRP funding rate rose 266 percent despite shrinking open positions.
Santiment reported the second‑quietest day of the year, logging 25,350 active wallets and 2,130 new wallet creations, the lowest level since November 2024. Transaction counts rose about 3‑4 percent week‑over‑week but remained roughly 21 percent below the three‑month average. Active addresses were down 11 percent from the three‑month baseline.
CryptoSlate data showed XRP trading around $1.11, a 5 percent decline over the past week. Institutions have increased tokenized real‑world asset activity on XRPL, with Evernorth reporting about $4 billion of tokenized assets across more than 500 products. In May, Ondo Finance, Ripple, Mastercard and JPMorgan’s Kinexys completed a cross‑border redemption of a tokenized US Treasury product in under five seconds, demonstrating interaction with traditional finance. A proposal for the XLS‑96 standard would add confidential transfers using encryption and zero‑knowledge proofs, allowing selective disclosure to regulators while preserving freeze and clawback functions. Developers aim to make the ledger more suitable for banks and asset managers, which could support demand for XRP if the token is used for liquidity, fees, collateral or settlement.
Whether the growing institutional pipeline can offset weakening retail demand and stabilize XRP’s price remains uncertain.
Ondo’s OUSG fund, a tokenized US Treasury product, reported $407.24 million in total assets on July 10, 2026, with a 3.45% annual percentage yield and a $5,000 minimum for instant investments. The fund is limited to accredited investors and qualified purchasers and distributes holdings across two blockchains, with $222.07 million on the XRPL network and $185.17 million on Ethereum.
The fund holds positions in several other tokenized Treasury products, including $150 million in the State Street Galaxy Onchain Liquidity Sweep Fund, $101.01 million in BlackRock’s BUIDL, $77.08 million in Franklin Templeton’s BENJI, and $69.10 million in Fidelity Treasury Digital Fund. These holdings illustrate how tokenized sovereign debt is being used as collateral within other digital asset products.
Tokenization alters the operational layer of ownership records, transfer rails, and settlement processes while the underlying legal claim remains unchanged. The White House Digital Assets Report, issued under Executive Order 14178, states that regulatory treatment follows the nature of the underlying asset, meaning that a token representing a security retains its security status. Access restrictions therefore persist, with most products requiring identity verification and limiting transfers.
Live asset value does not guarantee liquidity. The fund’s size indicates operational maturity, but redemption gating and a concentrated investor base can affect secondary market depth. The growth of tokenized sovereign debt reflects incremental infrastructure development rather than a resolution of all liquidity concerns.
Institutional interest is evident through participation by major asset managers. The products demonstrate that regulated financial structures can be adapted to blockchain environments without altering legal claims. This development aligns with broader efforts to integrate traditional collateral into digital finance systems.
John Deaton said 75,000 XRP holders assisted Ripple in its legal battle with the U.S.
John Deaton said 75,000 XRP holders assisted Ripple in its legal battle with the U.S. Securities and Exchange Commission. The case concluded with a $125 million civil penalty, an injunction against Ripple, and the dismissal of appeals targeting executives Brad Garlinghouse and Chris Larsen.
Ripple had considered shutting down before opting for an expensive legal defense that preserved hundreds of jobs, according to statements by Garlinghouse and Deaton. Deaton, a crypto lawyer, filed an amicus brief on behalf of the holders, arguing that secondary‑market transactions should be treated differently from Ripple’s institutional sales.
The federal judge granted Deaton permission to participate, allowing holder testimony about purchase motives and usage that the court said saved the company millions in legal costs. The court ruled that programmatic XRP sales on public exchanges did not constitute securities transactions, while institutional sales violated federal securities law.
Deaton criticized the SEC’s request for personal financial records from Garlinghouse and Larsen, describing the subpoenas as an intimidation tactic and noting earlier rulings that had blocked broader information requests. He also referenced a separate case in which a Utah judge found misleading statements by SEC lawyers, a finding that did not affect the Ripple judgment.
The final judgment remains in force after both parties dismissed their appeals in August 2025. Deaton described the outcome as a win, though the legal record reflects a mixed result involving both favorable and adverse rulings.
Japanese Prime Minister Sanae Takaichi said in a video address at WebX 2026 that the government will strengthen startup support through increased funding from government‑backed funds and regulatory adjustments for Web3 companies. The remarks were made during the conference, which organizers expect to attract about 15,000 participants, placing it among Asia’s largest Web3 gatherings. Takaichi linked Japan’s Web3 growth to the Comprehensive Startup Support Package released in May 2025, which seeks to raise annual startup investment to roughly 10 trillion yen by fiscal 2027 and to create 100 unicorns and 100,000 startups. The package also aims to position Japan as a leading Asian startup hub. She said the conference provides a platform for founders, investors and companies to form business partnerships, adding that “Japan’s innovation ecosystem will develop further.” The address did not announce a new Web3 fund, a dedicated grant program or immediate regulatory changes. Crypto reforms move alongside the startup support. Lawmakers are advancing a bill that could impose a 20 percent tax on crypto gains and create a pathway for domestic crypto exchange‑traded funds, a treatment that would bring crypto closer to stocks and bonds. Those tax provisions are expected to begin in 2028. Private programs have added support, including grants of up to $200,000 from Ripple and Web3 Salon for Japanese teams building on the XRP Ledger, targeting payments, tokenized assets and decentralized finance projects. Takaichi’s remarks follow similar statements by former Prime Ministers Fumio Kishida in 2024 and Shigeru Ishiba in 2025, who also highlighted investment and rule changes for Web3 and artificial intelligence. While the speeches give the industry access to senior officials, they do not guarantee new laws or funding. The government will now implement the startup package, complete crypto legislation and monitor whether new funding reaches early‑stage companies.
Interpol said a crypto wallet associated with a 20-year-old fraud suspect processed more than $122.5 million over ten months, leading to the arrest of two individuals in Thailand as part of a money-laundering investigation. Operation First Light 2026, carried out from January 15 to April 30, involved 97 countries and resulted in 5,811 arrests and the seizure of $293 million in illicit assets, affecting more than 142,000 identified victims. Thai authorities said the funds were moved through crypto and cross-chain token swaps to obscure the financial trail of romance-scam proceeds, while Interpol noted it did not identify the wallet, the specific assets, the blockchains used, the proportion of the total that resulted from theft, or the amount recovered. The Financial Action Task Force highlighted in a March 2026 report that cross-chain activity can fall outside existing counter-illicit-finance controls and called for greater expertise among law-enforcement and supervisory bodies in blockchain analytics and peer-to-peer risk monitoring. The case illustrates the challenge of tracing rapidly shifting crypto assets across multiple blockchains before investigators can act.
Bitcoin traded at about $62,700 on July 12, 2026, and approached the $58,000 lower support line of a power‑law price model that has marked every major bottom since 2015, according to Fidelity global macro director Jurrien Timmer. Timmer said the price is near the model’s accumulation zone, where the gap between actual price and trendline has turned negative 56%, a depth that matched the 2018 and 2022 lows. He noted that the 52‑week bitcoin‑to‑gold ratio had fallen to roughly negative 100% and that no catalyst for a reversal is evident until liquidity returns. Timmer added that speculative capital had moved from bitcoin to gold and then to semiconductor stocks, and that bitcoin could remain near the support line for months before a turn. Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital shifted into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch, according to the Digital Assets: Quarterly Review and Outlook Q2 report.
Japanese convenience store operator Lawson will begin a trial of yen‑denominated JPYC stablecoin payments at its Takanawa Gateway City location in Tokyo’s Minato Ward in early August. Lawson said the project is Japan’s first stablecoin payment test directly linked to a point‑of‑sale system, a claim made by the company before the trial starts. The integration will allow customers to open a supported mobile wallet, display a barcode, and have a Lawson employee scan the code with the store’s existing POS terminal; HashPort will then update the customer’s JPYC balance using verified checkout data. The trial will measure system reliability and transaction speed, and will assess whether the process fits normal store operations without slowing customers or increasing employee workload during busy periods. Lawson intends to compare the stablecoin flow with card and QR payments, reviewing processing steps, error handling and the time required to complete each sale. The test follows earlier JPYC adoptions by okonomiyaki restaurant chain Chibo, which began accepting the token at select locations in April, and by dental clinics in Tokyo and Chiba that plan to add JPYC payments. Japan’s three largest banks—MUFG, Sumitomo Mitsui and Mizuho—are developing yen‑based stablecoin services for live use in fiscal 2026, while Ripple and SBI launched the dollar‑backed RLUSD in June 2026 after approval from the Financial Services Agency.
Cambridge University researchers measured Ethereum’s electricity consumption after the September 2022 merge from proof‑of‑work to proof‑of‑stake.
The study estimated that Ethereum’s network consumed about 7.87 gigawatt‑hours of electricity per year, placing it near the lower end of energy intensity among major proof‑of‑stake blockchains, though overall consumption remained higher than most of the networks examined.
When adjusted for market value, Ethereum used roughly 33 kilowatt‑hours per $1 million of market capitalization, the second‑lowest figure among the proof‑of‑stake networks surveyed, behind BNB Chain. Solana recorded the highest consumption at about 13.48 gigawatt‑hours annually, with an energy intensity of approximately 283 kilowatt‑hours per $1 million, roughly 8.5 times Ethereum’s intensity. The combined electricity use of the networks in the study was about 38 gigawatt‑hours per year.
Node measurements: The researchers examined electricity draw at the connection point of 20 different client software combinations. A typical home node consumed about 18 watts, while a more capable workstation used roughly 153 watts. Based on a mix of residential and professionally hosted nodes, the average power draw per node was estimated at 105 watts. Cambridge identified 8,522 discoverable full nodes, 64 % running in cloud or enterprise environments and 36 % on residential connections. The study concluded that remaining emissions are driven primarily by the electricity grids supplying these nodes, with 56.4 % of the network’s power coming from renewable or nuclear sources and 43.6 % from fossil fuels.
The report provides a detailed quantitative baseline for evaluating blockchain sustainability as the industry continues to evolve.
Stablecoin market capitalization fell about $10 billion since its May peak, a 3 % decline that represents the largest drop since 2022, according to data from RWA.xyz. The total value of stablecoins in circulation stood at roughly $300 billion in July 2026, down from a high of about $310 billion in May.
Stablecoins, which serve as the primary quote currency for crypto trading and increasingly for payments, had expanded rapidly over the past two years, more than doubling in size before plateauing around the $300 billion level. The recent contraction follows a $7.7 billion decline in June, the biggest dollar amount since May 2022 when the Terra‑Luna collapse triggered a broader bear market.
Tether’s USDT, the largest stablecoin, saw its market cap slip to roughly $184 billion from $190 billion in May, a decline of about $6 billion. Circle’s USDC fell to approximately $73 billion from a March 2026 peak near $80 billion, shedding roughly $7 billion. The declines were driven primarily by these two issuers, though the overall market remained above the $122 billion level seen in September 2023 after a 26 % contraction during the 2022 bear market.
Analysts noted that short‑term liquidity fluctuations are normal and do not alter the long‑term outlook. Paul Howard, senior director at trading firm Wincent, said the recent pullback reflects temporary market dynamics and that stablecoins will continue to play an increasingly important role in the digital asset ecosystem.
Competition is intensifying as newer, regulated issuers enter the market. Global Dollar (USDG), issued by Paxos and backed by a consortium including Robinhood, surpassed $3.2 billion in circulation, while USDGO, issued by Anchorage Digital with Hong Kong’s OSL Group, nearly doubled to $900 million, according to CoinGecko. OpenUSD, backed by a group of payments and financial firms, is among several newcomers seeking to challenge USDT and USDC dominance.
Regulatory progress, such as the U.S. GENIUS Act, has encouraged the growth of these newer stablecoins, potentially reshaping the market structure. While Tether and USDC have seen supply declines, the broader stablecoin market has largely stalled around $300 billion since October, coinciding with Bitcoin’s record near $126,000. The market’s future direction will depend on emerging demand and the pace of regulatory approval for alternative stablecoin models.
The U.S. Justice Department said Rossen Iossifov, a former Bulgarian crypto exchange owner serving a nine‑year prison sentence for money laundering, allegedly transferred about $290,000 in cryptocurrency in January 2024 after a court had ordered the assets forfeited. Iossifov was convicted of RICO conspiracy and money‑laundering in 2021 and was ordered to pay $2.64 million in restitution to victims of a fraud scheme that used fake online listings to collect payments from roughly 900 Americans before converting proceeds to crypto. Prosecutors allege that Iossifov routed the funds through multiple exchanges and illicit mixing services, preventing the government from obtaining control of the assets before the alleged transfer. In a July 9 announcement, the department noted that the assets remained in private hands despite a forfeiture order. The DOJ Asset Forfeiture Policy Manual requires that seized cryptocurrency be moved immediately to an agency‑controlled, unhosted wallet and then stored in cold storage until the U.S. Marshals Service assumes custody. Court filings do not identify where Iossifov’s private keys were held, who transferred the crypto, or how he accessed the assets from prison. The indictment now includes charges of removing property to prevent seizure and conspiracy to commit money laundering, with a combined maximum sentence of 25 years if convicted. The case highlights a procedural gap in crypto forfeiture that may affect future asset recovery efforts.
Bitcoin spot ETFs recorded a weekly net inflow of $197 million across 13 products, the first positive weekly total in more than two months, ending an eight‑week period of net outflows that removed more than $8 billion from the sector. The inflows coincided with a 3 percent rise in Bitcoin’s price, which moved above $64,000 and approached $65,000, according to market data. The weekly movement followed a sequence of daily net flows reported by SoSoValue, which showed $265 million entering on Monday, $21.4 million on Tuesday, $84.8 million exiting on Wednesday, $95 million exiting on Thursday, and $90.4 million entering on Friday. Ethereum spot ETFs also posted a net inflow of $84.42 million for the week, ending their own eight‑week streak of net redemptions. Data from SoSoValue indicated that both Bitcoin and Ethereum ETFs experienced weekly inflows, suggesting a modest reduction in the pace of investor withdrawals from cryptocurrency products. Analysts noted that the short‑term reversal in flows does not necessarily indicate a sustained institutional return. Ecoinometrics observed that Bitcoin’s price stabilization near $64,000 was unexpected given the broader capital outflow from the ETF sector, and that the recent inflows had not yet offset eight weeks of cumulative redemptions. Swissblock, a digital asset intelligence firm, said the recent positive flows reflected a slowdown in selling rather than a confirmed shift in investor sentiment, and that continued accumulation would be needed to signal a trend reversal. The market therefore awaits several consecutive weeks of positive ETF inflows to determine whether the recent activity marks the beginning of a new demand phase or a brief pause in the ongoing retreat from crypto exposure.
American Bitcoin announced that its Bitcoin holdings reached 8,000 BTC and executed a 1‑for‑15 reverse stock split to meet Nasdaq’s minimum bid requirement. The company, which filed its first‑quarter 2026 results with the SEC, reported growing its Bitcoin reserve from about 7,021 BTC at the end of March to 8,000 BTC, mining 817 BTC and purchasing 803 BTC during the quarter. Mining revenue was $62.1 million, while the firm posted a net loss of $81.8 million, negative adjusted EBITDA of $91.3 million and a $117.2 million loss on digital assets. Gross mining margin remained above 50% despite a roughly 22% quarter‑over‑quarter decline in Bitcoin’s price, and the cost to mine fell to about $36,200 per BTC. Shareholders approved a reverse split range of 1‑for‑5 to 1‑for‑40 at a June 22 meeting, and the board later adopted a 1‑for‑15 ratio. The split took effect after the market closed on July 2 and began trading on Nasdaq on July 6. The company said the split was intended to raise the Class A stock price to satisfy Nasdaq’s listing standards and to improve liquidity, though it noted risks that the price may not rise proportionally, new investors may be deterred, and liquidity could decline for holders with odd‑lot positions. The market value of American Bitcoin remains under pressure, trading near $64,000, about 50% below its October 2025 peak. Investors must assess whether the growing Bitcoin reserve can justify the stock price without further dilution from potential future share issuances, and the firm’s ability to fund additional Bitcoin purchases through mining and purchases rather than equity raises will be a key factor in determining the sustainability of its treasury strategy.
American Bitcoin’s shares fell more than 95% from their peak, reducing the value of Eric Trump’s roughly 6% stake by over $600 million, according to Bloomberg. The decline followed a 1‑for‑15 reverse split implemented to satisfy Nasdaq’s minimum bid‑price rule.
The firm’s Bitcoin treasury grew to more than 8,000 BTC in July, adding 500 BTC in its latest update and tripling its holdings since its Nasdaq debut. Shareholder approval for the reverse split was obtained at the annual meeting in June, a decision reported on June 25 while the stock remained under pressure.
ABTC closed at $6.13 on July 10 after split‑adjusted trading began on July 6; the total share count fell from about 1.09 billion to roughly 73 million. In the first quarter of 2026, the company reported an operating loss of $118.2 million, driven by a $117.2 million non‑cash charge reflecting the lower market value of its Bitcoin holdings. Net loss totaled $81.8 million on revenue of $62.1 million, while mining costs dropped to $36,200 per Bitcoin mined, down from $46,900 a quarter earlier, and the firm mined 817 BTC. Eric Trump said the company’s operating model was “virtually unmatched” during an earlier selloff, a view that represents his perspective rather than an independent assessment.
The company has not indicated that the reverse split will reverse the price decline, and its forthcoming results will show whether lower production costs can offset continued pressure on the stock from Bitcoin’s market value.
Thailand’s central bank announced increased oversight of stablecoin transactions as part of a broader effort to detect and prevent money laundering and illicit finance.
The Bank of Thailand said it will work with the Securities and Exchange Commission to audit high‑volume stablecoin transactions, focusing on USDT, cash flows and currency exchanges, to identify and stop illicit financial movements. The initiative targets the so‑called gray economy, which consists of cash transactions whose origins are difficult to verify. Scam‑related losses reached 115 billion baht ($3.4 billion) in 2025, with approximately 173 million scam calls and messages recorded, according to local reports.
High‑value cash transactions will require a declaration of the source of funds, and exchanges of large banknotes for smaller denominations without a clear business reason will be monitored. Cash deposits exceeding 5 million baht ($150,000) must be fully disclosed. The expanded compliance duties will apply to commercial banks, currency exchanges, gold bullion traders and entities conducting suspicious stablecoin transactions, the central bank reported.
Crypto trading remains legal in Thailand, and Bitkub, the nation’s largest exchange, reported about $26 million in daily trading volume, with nearly 40 percent involving foreign‑exchange pairs, the USDT/THB pair being the most active, according to CoinGecko. In 2025, banks imposed sweeping account restrictions and froze three million accounts as part of a crackdown on mule accounts and gray capital, a measure that media reports said had unintended consequences for many legitimate users and businesses.
The central bank said the new monitoring framework will be applied continuously and will be adjusted as needed, while the broader impact on Thailand’s crypto market remains uncertain.
Evernorth launched a Japanese-language social media account and disclosed a plan to build a $1 billion XRP treasury, backed by a $200 million commitment from SBI Holdings, while its proposed merger with Armada Acquisition Corp. II remains pending regulatory approval. SBI Holdings, through its subsidiary SBI Ripple Asia, has been a central participant in Japan’s regulated XRP ecosystem since 2016, offering payment services and supporting various XRP-linked products. The $200 million commitment is part of Evernorth’s broader financing, which also includes contributions from Ripple, Pantera Capital, Kraken and Arrington Capital. The Japanese account will provide market analysis in Japanese without price forecasts and will not discuss XRP pricing, the company said. Evernorth has not announced a local office, licensing or staffing for the account. The Nasdaq merger, which would take Evernorth public under the ticker XRPN, requires approval from the U.S. Securities and Exchange Commission and a vote by Armada shareholders; the registration statement filed in June is not yet effective. The company said the Japanese channel will focus on education and business outreach, while the timeline for the Nasdaq listing and the scale of the XRP treasury remain subject to further approvals and market conditions.
MicroStrategy founder Michael Saylor posted on social media on Sunday with a chart and the message “Orange dots tell only part of the story,” accompanied by a post that referenced previous signals preceding Bitcoin purchase announcements. The company disclosed on July 6 that it had sold $216 million of Bitcoin, reducing its total holdings to 843,775 tokens, according to a filing with the U.S. Securities and Exchange Commission. Earlier, Strategy unveiled a capital framework allowing Bitcoin sales to fund dividends on its STRC preferred stock, raised the annual dividend rate to 12%, and reported a US dollar reserve of $2.55 billion. Geoff Kendrick, global head of digital assets research at Standard Chartered, said the company’s recent actions and Saylor’s communication style are muddying the near‑term outlook for Bitcoin and may limit market confidence that wholesale selling is unlikely. He noted that clearer signaling could reassure investors and support Bitcoin’s price, potentially reducing the need for further BTC sales. The analyst also said that the firm’s long‑standing “never sell” stance had limited the flexibility of its Bitcoin holdings and that recent sales and a new monetization program represent a shift in communication strategy. MicroStrategy’s common shares, ticker MSTR, fell to $94.64 on Friday, a decline of more than 70% from the 52‑week high of $457.22, while its STRC preferred shares dropped to their lowest price since introduction. The company is scheduled to report second‑quarter earnings on July 30, with analysts projecting $4.28 per share; earnings have missed forecasts in six of the last eight quarters. StanChart maintains its $100,000 year‑end Bitcoin price target, but the effectiveness of the current messaging remains unclear.
US-listed spot Bitcoin exchange-traded funds posted a net inflow of $197.4 million for the week ending Friday, ending an eight-week streak of weekly outflows that began in May.
Data from Farside Investors show the inflow was driven primarily by the BlackRock iShares Bitcoin Trust ETF, which attracted $291.9 million, while the Grayscale Bitcoin Trust ETF, the Fidelity Wise Origin Bitcoin Fund and the ARK 21 Shares Bitcoin ETF recorded outflows.
The total weekly inflow compared with $8.26 billion withdrawn since May 11. The streak reversal may indicate a rebound in institutional interest after two months of selling pressure, though analysts cautioned that one week of inflows does not confirm a trend. Jeff Yew, founder and CEO of Monochrome Asset Management, said the potential passage of the CLARITY Act in August could be fostering institutional positioning for greater regulatory certainty. Markus Thielen, founder and CEO of 10x Research, noted that outflows from ETFs and stablecoins, as well as seasonal factors in August and September, remain downside risks, and that Bitcoin historically performs better in the first half of the month before consolidating later.
Jamie Coutts of Real Vision said technical indicators suggested easing selling pressure, indicating the bear market may be nearing its second half. Russell Thompson, CIO of Hilbert Capital, warned that Bitcoin could still decline toward a low around October. US spot Ether ETFs also ended an eight-week outflow streak, recording a net inflow of $84.42 million, led by BlackRock and Fidelity funds, though the amount was smaller than the $1.2 billion withdrawn since May 11.
The developments come amid ongoing debate over the outlook for cryptocurrency markets, with analysts divided on whether the recent inflows signal a sustained recovery or a short‑term rebound.
Bitcoin and Ether Prices Hold Steady Amid U.S. Airstrikes on Iran
Bitcoin traded near $63,800 on July 12, 2026, with a 0.3% decline over the previous 24 hours and a 2% gain for the week, while ether held around $1,800, up 2% week‑to‑date. Other major cryptocurrencies, including XRP, dogecoin and solana, also posted only modest changes.
U.S. Central Command said the strikes were ordered by President Trump after Iranian forces attacked a Cyprus‑flagged container ship. Tehran announced that the Strait of Hormuz was closed "until further notice." Markets for oil, equities and bonds were closed for the weekend, leaving bitcoin as one of the few assets pricing the escalation in real time. Brent crude had already incorporated a risk premium as tanker traffic through the strait remained below normal, and previous closures in March had driven Brent above $100 per barrel.
Vessel‑tracking data indicated limited traffic around the strait during Asian morning hours on Sunday, though movement stayed well below typical levels. Solana fell 5% over the past seven days to $76, XRP slipped to $1.09 and dogecoin eased to about $0.07, with daily changes under one percent. The muted price reaction contrasted with earlier periods when Iran’s actions had prompted sharper sell‑offs in crypto and spikes in oil prices.
The fuller cross‑asset reaction, particularly in crude oil, is expected when markets reopen on Monday; if oil prices rise while bitcoin remains steady, the market may interpret the Strait closure as a genuine threat.
Michael Saylor, Strategy Executive Chairman, posted on July 12 a chart that tracks past Bitcoin purchases and wrote, “Orange dots tell only part of the story.” The post did not state whether Strategy bought, sold, or took no action during the latest reporting period. Strategy sold 3,588 BTC for $216 million between June 29 and July 5, reducing its Bitcoin holdings to 843,775 BTC. The proceeds funded preferred stock distributions and restored its dollar reserve, which stood at $2.55 billion on July 5. Strategy has not confirmed any specific transaction for the week ending July 12. The company’s public tracker continues to show the current Bitcoin balance. Strategy typically discloses treasury activity in SEC filings, so social media posts alone do not prove a trade occurred. The recent sale marked the end of the company’s previous “never sell” stance and introduced a broader capital‑structure approach that includes preferred shares, dividends, debt, cash reserves, and potential buybacks. The filing indicated that the funds were used for recurring financial duties. Another report referenced Grayscale research warning that weak MSTR and STRK prices could increase dividend pressure and limit future Bitcoin purchases. Analysts still expect the company to resume buying when market and funding conditions improve. MSTR closed near $94.64 after forming lower highs and lower lows since its July 2025 peak near $450. The stock remains below the $126.55 resistance level, and its relative strength index sits near 30.5, indicating strong negative momentum. The MACD line remains below its signal line and both sit under zero, reinforcing a bearish outlook. Immediate support is around $90 to $95, and a break below that range would further weaken the structure. Recovery would require a move above $125 to $130 with stronger momentum. Strategy’s next filing should clarify whether the orange dot signaled a purchase, another sale, or a different balance‑sheet move.
Adam Back’s company, the Bitcoin Treasury, said on July 8 that Cantor Equity Partners I and BSTR would not complete the original July 2025 agreement. The parties are discussing a revised structure and amended terms. A shareholder meeting scheduled for July 10 was postponed indefinitely. Public shares submitted for redemption will be returned rather than redeemed. The original deal projected a balance sheet of 30,021 Bitcoin, up to $1.5 billion of fiat PIPE financing, 5,021 Bitcoin in‑kind PIPE, 25,000 Bitcoin from founding shareholders and up to $200 million from Cantor Equity Partners I, subject to redemptions. The financing relied on private placements, convertible notes, preferred stock and Bitcoin‑denominated commitments that required the transaction to close. With those placements no longer required to close, the focus shifted to whether new terms can attract the needed capital. The revised structure must address public‑shareholder redemptions, public float, liquidity, exchange listing, Bitcoin price volatility, competition, regulatory uncertainty and the difficulty of scaling Bitcoin accumulation. If the amended filing preserves the 30,021‑Bitcoin launch scale, maintains meaningful investor commitments and avoids excessive dilution, the treasury model may remain viable. Otherwise, the reset could signal that future Bitcoin treasury companies cannot rely on previous premium assumptions. BSTR’s revised terms will serve as a market test for investor willingness to fund Bitcoin‑linked public companies. The July 8 filing also listed risks including public‑shareholder redemptions, liquidity constraints, exchange listing requirements, Bitcoin price volatility, competition, regulatory uncertainty and scaling challenges.