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Crypto-related U.S. stocks fall in early trading Crypto-related U.S. stocks were broadly lower in early U.S. trading, with Coinbase (COIN) down 12.29%, Bitmine (BMNR) off 7.33%, SharpLink Gaming (SBET) falling 5.94%, Strategy (MSTR) losing 5.74%, Bullish (BLSH) down 5.49%, Circle (CRCL) slipping 5.19%, and American Bitcoin (ABTC) off 4.58%.

An anonymous whale deposited 1,060 BTC worth $67.52 million to Binance, according to Onchain Lens. Exchange deposits are typically interpreted as a sign of potential selling.

About 1,600 BTC worth roughly 140 billion won moved from one anonymous wallet to another, according to Odaily.

Wall Street firms were split on Coinbase after the company posted earnings that missed market expectations, according to CoinDesk. Cantor Fitzgerald, Oppenheimer and Benchmark said the weak results reflected a drop in cryptocurrency prices and saw room for the stock to rebound. Those firms pointed to progress in Coinbase’s long-term strategy across stablecoins, derivatives and tokenized assets. William Blair also said Coinbase could be among the biggest beneficiaries if the crypto market recovers, citing stabilizing ETF inflows. By contrast, Clear Street, Barclays and Compass Point said Coinbase’s new businesses have limited ability to drive earnings improvement and warned of further downside amid the possibility that the CLARITY Act could remain pending.

Crypto trader Killa said BTC is unlikely to suffer the steep drop to the $36,000-$48,000 range that some in the market expect. Killa said Bitcoin has typically formed three major bottoms in past bear-market cycles, with the final two proving the most important. After BTC touched around $59,000 and showed a mild bullish divergence, it failed to extend its decline, Killa said, adding that if the market had been set up for a drop into the $40,000 range, that move likely would have already happened. Killa said Bitcoin has now entered a clear "Accumulation Range" and sees the $57,000 area as a key floor. While BTC could briefly fall below that level, Killa said a prolonged decline to extreme lows is unlikely, citing the historical pattern of sweeping major bottoms before rebounding.

The three major U.S. stock indices opened higher today. - S&P 500: +0.48% - Nasdaq: +0.85% - Dow Jones: +0.41%

Pump.fun, a Solana-based memecoin issuance platform, laid off more than 40 employees ahead of PUMP’s first vesting unlock, leaving them ineligible for token allocations worth millions of dollars, Sandmark reported. Sandmark said Pump.fun co-founder Noah Tweedale told staff in March that the company had grown too quickly, making it harder to move quickly on work. Affected employees received one week of severance for each month worked, and their contracts were terminated in early April. The issue, according to the report, is that those employees also lost eligibility to receive PUMP tokens that had been scheduled to begin unlocking this summer. A second round of layoffs took place in July, bringing the number of employees dismissed over the past two months to more than 40. Sandmark added that Pump.fun has generated $1.3 billion in cumulative revenue and is posting $1 million in daily profit, but recently became subject to a fine after missing a deadline to file accounting reports with UK authorities.

Dubai-based Shelbit, a cryptocurrency exchange run by an Iranian-born founder and tied to one of the world’s largest illegal gambling networks, has helped evade sanctions on Iran, according to CoinDesk, citing Reuters. Reuters said the gambling network, made up of more than 2,000 platforms, was identified as a core Shelbit client. On-chain analysis also showed Shelbit transferred hundreds of millions of dollars to major exchanges including Binance. Binance, however, said Shelbit does not hold a Binance account, and that related accounts were frozen and reported to law enforcement agencies.

Circle (CRCL) announced it has obtained a Limited Purpose Trust Charter from the New York State Department of Financial Services through a subsidiary, giving it legal authority to directly custody institutional funds. The trust company license goes beyond a standard cryptocurrency business license by granting custody powers comparable to those of a bank. The New York State Department of Financial Services also granted Circle a BitLicense, a cryptocurrency business license, in 2015. Circle said the latest approval demonstrates USDC’s regulatory transparency and stability as the role of digital dollars expands.

White House NEC Chairman Kevin Hassett said the current data makes it difficult to push for an interest-rate hike.

Federal Reserve President Hammack said the Fed should focus on inflation while the labor market remains stable, adding the central bank’s current rate policy is not yet restrictive enough.

TD Cowen cuts SharpLink target price to $13, keeps buy rating Global investment bank TD Cowen maintained its buy rating on SharpLink Gaming (SBET), an Ethereum accumulation company, while lowering its price target to $13 from $16, The Block reported. TD Cowen said SharpLink recently raised $75 million, bought 10,000 ETH, and is pursuing a sustainable financial strategy that also includes repurchasing 2.13 million shares of its own stock.

Binance announced it will list the GRVT/USDT perpetual futures pair at 12:45 p.m. UTC on July 31, with up to 10x leverage.

Texas is set to pursue legislation to remove Bitcoin ATMs after fraud losses in the state reached $56.8 million last year, the largest total in the U.S. by scam losses. According to the FBI, total U.S. losses in 2025 rose 58% from a year earlier to $389 million. The ATMs, which are installed at convenience stores and other locations, are being misused as money-laundering channels that convert cash into crypto and send it to mixers or personal wallets. Indiana, Tennessee and Minnesota have already imposed full operating bans, and Texas, which has around 4,000 ATMs, plans to push an expulsion bill that goes beyond simple regulation.

TD Cowen maintained its $260 price target and buy rating on Strategy, saying the company’s top priority is restoring preferred stock STRC to par value, The Block reported. According to the report, Strategy posted a net loss of $8.22 billion in the second quarter and has not bought BTC over the past five weeks.

An anonymous newly created wallet withdrew 468.3 BTC worth $29.88 million from BitMEX after the exchange announced it would shut down operations, according to Onchain Lens. Onchain Lens added this was the first withdrawal exceeding $10 million since the shutdown announcement. BitMEX had previously announced it will cease exchange operations on Sept. 23.

An anonymous whale address starting with 0x2684 withdrew 4,950 ETH worth $9.34 million from Binance and staked it on Lido, according to Onchain Lens.

Rising U.S. Treasury yields are blocking liquidity from flowing into the crypto market, according to a CoinNess analysis of Glassnode’s weekly report. Glassnode said the U.S. two-year Treasury yield rose ahead of the FOMC rate decision, moving above returns from crypto carry trades, a basis-trade strategy that seeks to capture the gap between spot and futures prices by buying spot and selling futures. Spot trading volume then fell sharply, while exchange liquidity inflows dropped to their lowest level. Glassnode added BTC is facing strong upside resistance at $69,000, the breakeven level for short-term holders, and spot ETF inflows have also paused. Glassnode added the current downturn is the shallowest bear market on record, but more time is needed before the bear market fully ends. Without an improvement in liquidity conditions, a full-fledged rebound will be difficult.

Momentum (MMT) was sharply higher, trading around $0.3264 on Binance’s USDT perpetual futures pair, up more than 63% from yesterday.

XRP has the highest average transaction size among major cryptocurrencies, according to CryptoSlate. TradingView data showed XRP averaged about $86,680 per transaction, ranking first among the top 10 digital assets by market capitalization. That was well above Bitcoin at about $14,200 and Ethereum at about $3,280, and also higher than the averages for major stablecoins including USDT and USDC. CryptoSlate said the data suggests the XRP Ledger is being used mainly for large-value fund transfers, unlike other blockchains that are driven more by retail trading. According to RWA.xyz, real-world assets on the XRP Ledger totaled $4.38 billion, while stablecoin transfer volume on the network rose 10.8% over the past 30 days to $4.28 billion. Ripple’s RLUSD accounted for about 94% of the network’s stablecoin market, the outlet said.

New York state has sued prediction market platform Kalshi over allegedly operating unlicensed gambling services, seeking to bar the company from doing business in the state and to recover damages, CoinDesk reported. According to a complaint filed with the New York Supreme Court today, New York alleged Kalshi offered sports and event wagering without a proper license, amounting to illegal gambling. New York Attorney General Letitia James said prediction markets are clearly gambling platforms and stressed Kalshi violated laws including a ban on underage betting. The state is seeking penalties equal to three times the alleged illicit gains, along with civil fines of $100,000 per violation attempt. Kalshi, which had been growing with a goal of reaching a $40 billion valuation, now faces heightened regulatory risk in New York after a federal court denied injunctive relief, adding to the latest lawsuit and contrasting with its court win in Minnesota.

Bitcoin has shifted from a standalone narrative-driven asset to a standardized financial asset and now serves as a leading indicator of global market liquidity, Hong Kong-listed crypto firm Xinhua Group said. Fu Peng, the firm’s chief analyst, said at a recent private seminar that BTC was the first asset to enter a contraction cycle under the current liquidity-tightening environment. Fu added that its price is determined more by the amount of liquidity in circulation than by intrinsic value, and that BTC has become a leading indicator reflecting market liquidity in advance as it reacts more quickly and more sensitively than other assets to liquidity conditions such as Federal Reserve tightening and funding stress.

South Korean crypto exchange Upbit announced revisions to its terms of service centered on restrictions for suspicious trading accounts and users in high-risk or sanctioned countries. Under the revised terms, Upbit said service access may be restricted for users who install the app through direct APK installation, use Android or iOS app versions below a specified threshold, or are suspected of abnormal trading as part of efforts to prevent financial accidents. The exchange also said deposits and withdrawals may be restricted if it requests proof of the source of funds and the user fails to provide sufficient documentation, while withdrawals and trading may be blocked immediately if a financial incident is reported. Accounts found to be involved in a financial incident may be suspended, and access may also be restricted if a user attempts to use the service from an IP address in a high-risk or sanctioned country or if the country of use cannot be verified.

Iran’s Islamic Revolutionary Guard Corps said its naval forces struck and seized two tankers in the Strait of Hormuz after the vessels violated a ban, according to an IRGC statement. The statement said the two tankers tried to pass through the strait under U.S. military escort while ignoring warnings, and four other tankers changed course and turned back immediately after receiving warnings. Iran also reiterated its warning that it would respond to any attempt to disrupt maritime order in the area.

Cardano founder Charles Hoskinson said the project’s technical achievements have not translated into market performance or a stronger brand position. Hoskinson said Cardano has become stronger on the engineering side than it was in 2024 through continued technical innovation. He highlighted the Ouroboros Leios upgrade, now in testing, and said its completion would significantly improve transaction throughput and scalability. At the same time, Hoskinson acknowledged the project’s technical progress has not led to stronger market results or brand standing, and said strategic decisions are needed for Cardano to regain competitiveness. Cardano rose to as high as $1.31 after the 2024 U.S. presidential election and remained among the top 10 cryptocurrencies by market capitalization, but it has since extended its decline and is trading around $0.17, down about 87% from its December 2024 peak. Its market-cap ranking has also slipped to 14th. Community sentiment has also weakened amid project cancellations, EMURGO’s withdrawal from Pentad, and governance-related controversy.