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Tushar Jain, co-founder of crypto-focused investment firm Multicoin Capital, said on X that a recent HYPE unstaking was not intended for selling. Jain said Multicoin unstaked a substantial amount of HYPE yesterday, but not to sell it, adding that the firm’s funds are constantly tracked, forcing it to rotate wallets regularly. Jain said institutions need privacy to operate, and said that is also why the firm holds long positions in ZAMA and ZEC. Jain described ZAMA as enabling privacy DeFi and ZEC as a leading privacy-based store-of-value chain. Earlier, on-chain analyst EmberCN said an address believed to be linked to Multicoin had shown signs of selling 607,000 HYPE worth $37 million.

Mizuho said that if the CLARITY Act, a U.S. crypto market structure bill, takes effect, institutional competition in the stablecoin market could expand and weaken the profitability of Circle's USDC. According to The Block, Mizuho said that if the CLARITY Act removes regulatory uncertainty, more stablecoin products could emerge and take revenue from Circle. Mizuho added that Open USD, backed by about 140 companies including Visa, Mastercard, Stripe, BlackRock and Coinbase, could be more competitive than Circle because it distributes most reserve-management income to distributors, while Circle retains only about 38% of reserve income. It also said that because Coinbase, the largest distributor of USDC, supports Open USD, it could move as early as next month to renegotiate its revenue-sharing agreement with Circle and gain the upper hand.

BNY Mellon plans to introduce tokenized U.S. Treasuries on its private blockchain and conduct pilot trading by the end of this year, Bloomberg reported. The bank is also working to build market infrastructure for 24-hour settlement of U.S. Treasuries. It has set a goal of supporting 24-hour settlement services for both conventional Treasuries and Treasury tokens in 2027.

Patrick Witt, executive director of the White House crypto council, said Democratic criticism of the CLARITY bill’s ethics provisions amounts to two political arguments. Witt said claims that the ethics provisions are meaningless without enforcement authority for state attorneys general amount to rejecting the broader framework of current federal ethics law. Witt added that arguments saying the provisions are flawed because they cannot punish President Donald Trump for past cryptocurrency activity would require a measure that violates the U.S. Constitution.

CoinMarketCap’s in-house crypto fear and greed index came in at 40, unchanged from yesterday, indicating continued neutral sentiment. A reading closer to zero signals extreme fear in the market, while a reading closer to 100 points to extreme optimism. According to CoinMarketCap, the index is calculated based on price moves among the top 10 cryptocurrencies by market capitalization, market volatility, derivatives-market indicators including the put/call ratio, the stablecoin supply ratio, or SSR, and CoinMarketCap’s own search data.

Spot CVD is an order-book analysis chart for the BTC/USDT spot trading pair. The upper panel shows the volume heatmap, while the lower panel shows cumulative volume delta, or CVD. - The volume heatmap tracks trading volume at each price level. The background color becomes brighter when the price stays in a specific range for an extended period or moves sharply. Brighter zones may act as support or resistance levels. - The cumulative volume delta indicator shows buy and sell orders by order size. As buy orders increase, the line in the corresponding color rises. The yellow line represents orders from $100 to $1,000, while the brown line represents large orders ranging from $1 million to $10 million.

Crypto neobank Revolut is pursuing a secondary share sale for employees that values the company at $115 billion, Bloomberg reported. That is about 53% higher than the $75 billion valuation recognized in a similar transaction last year. According to an internal notice sent to employees, the share price for the transaction was set at $2,017.

U.S. Sen. Cynthia Lummis said the CLARITY Act’s ethics provisions and anti-money laundering-related language could be revised after further discussions. According to CoinDesk, Lummis said the release of a consolidated draft marked important progress toward passage and that the plan is to reflect input from the industry and other stakeholders. Lummis added a proposal allowing state attorneys general to file criminal and civil suits over violations of ethics provisions had been a red line that Republicans and the White House could not accept. New additions include provisions addressing crypto ATM fraud and safe-harbor language allowing the freezing of assets tied to suspicious transactions. U.S. Republicans announced a revised CLARITY Act draft today.

Fairshake, a Super PAC backed by the U.S. crypto industry, spent about $1 million in Michigan’s Democratic primary, Cointelegraph reported. The PAC ran ads supporting incumbent Rep. Shri Thanedar and criticizing challenger Donavan McKinney. Thanedar voted in favor of major crypto bills in the House, including the CLARITY Act and the GENIUS Act.

Key Democratic negotiators in the U.S. Senate said the latest draft of the Clarity Act released by Republicans needs revisions, according to CoinDesk. In a joint statement, senators including Angela Alsobrooks and Cory Booker said the draft falls short on key provisions covering ethics and consumer protection, and argued it should be strengthened on anti-money laundering, conflict-of-interest safeguards and market integrity. They also said they will continue negotiations with Republicans to advance the bill. Because the Clarity Act needs 60 votes to pass the Senate, Democratic support is essential. Republicans earlier that day released a revised version of the bill that included a ban preventing federal officials, including President Donald Trump, from issuing or sponsoring cryptocurrencies.

Former U.S. Commodity Futures Trading Commission Chairman Christopher Giancarlo sees the CLARITY bill as having less than a 50% chance of passing, Crypto in America host Eleanor Terrett said on X. Giancarlo added that even if the bill does not pass, cryptocurrency innovation will continue under the regulatory framework now being put in place by the U.S. SEC and CFTC, and that even a future administration hostile to crypto would not easily reverse the institutional progress made over the next two years.

Louisiana’s public employees retirement system, which manages $16.3 billion in assets, increased its holdings in Strategy (MSTR) to 21,300 shares, U.Today reported. The stake is currently valued at about $2.13 million, indicating increased indirect exposure to BTC through Strategy, the world’s largest corporate Bitcoin holder.

The U.S. House has passed a bill banning insider trading by members of Congress, Cointelegraph reported. The bill would restrict federal lawmakers from trading stocks and other assets using nonpublic information obtained in the course of their official duties.

Tesla did not sell any Bitcoin in the second quarter, according to the WatcherGuru X account. Tesla continues to hold 11,509 BTC, currently worth about $825 million. The company said when it reported second-quarter earnings in 2022 that it had liquidated $936 million worth of BTC, and it has maintained the same holdings for about four years since then.

The three major U.S. stock indices closed lower today. - S&P 500: -0.14% - Nasdaq: -0.57% - Dow Jones: -0.01%

Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the U.S., said the Clarity bill is ready for a full vote on the Senate floor. Armstrong said the bill represents a bipartisan compromise shaped by thousands of hours of work from both parties. He added there is no better time to pass it, arguing the lack of clear federal regulation in the U.S. has allowed bad actors such as FTX to harm Americans while forcing many parts of the industry to move entirely offshore beyond U.S. jurisdiction. Armstrong said the Clarity bill would now create a path for the U.S. to lead the cryptocurrency industry and stressed that 70% of U.S. voters want the bill passed.

U.S. Senate Republican Leader John Thune plans to push for a Senate vote on the CLARITY Act as early as next week, Bloomberg reported. Bloomberg added that the bill would need support from at least seven Democratic senators to pass the chamber. The outlet said an ethics provision recently agreed with the White House has become the biggest sticking point in bipartisan talks, with even crypto-friendly Democrats opposing language that would give the Trump administration's DOJ authority to enforce crypto ethics rules.

Bitwise CIO Matt Hougan said the next cryptocurrency bull market is likely to be driven by trends such as stablecoins, tokenization, 24-hour trading, instant settlement and institutional DeFi. Hougan said it was still too early to declare the market fully recovered, but improving investor sentiment, positive ETF inflows and Bitcoin’s recent performance were prompting investors to ask what could lead the next cycle. Hougan added blockchain technology is expected to be applied more deeply across traditional finance, and investors should watch Hyperliquid-style crypto protocols such as HYPE and companies like Robinhood, or HOOD.

According to CME FedWatch, the probability that the Federal Reserve will raise its benchmark interest rate by 25 basis points at the July Federal Open Market Committee meeting stands at 31.5%, while the probability of holding rates steady is 68.5%.

Polymarket shows the probability of the CLARITY Act passing and being signed into law in 2026 has fallen to 37%, after U.S. Republicans unveiled a revised version of the bill that includes a ban on public officials, including the president, issuing cryptocurrencies.

The ethics provisions in the revised Clarity Act, a U.S. cryptocurrency regulatory bill agreed by Republicans and the White House, are as follows: - The president, vice president, members of Congress, federal judges and other public officials, including their spouses, would be barred through Jan. 20, 2029, from receiving compensation to issue or sponsor digital assets while in office. - Public officials would be required to sell their cryptocurrency holdings and equity stakes in crypto companies, place them in a blind trust they do not control, or take both steps. - The measure would grant the U.S. Department of Justice civil enforcement authority over ethics-rule violations. That would include the authority to sue exchanges that intentionally list prohibited tokens. - It would require disclosure of crypto sales by public officials exceeding $1,000 and direct the U.S. Government Accountability Office to conduct a study reviewing additional loopholes in the ethics rules.

The U.S. cryptocurrency industry directly employs 34,000 people and is expected to contribute more than $55 billion to U.S. GDP in 2026, The Block reported, citing a report from the National Cryptocurrency Association. Of that total, about $31 billion is estimated to accrue as worker wages and income. The report said the 34,000 direct jobs include 10,100 in software, blockchain and data engineering; 5,450 in compliance, finance and business operations; and 5,100 in executive and management roles. Citing U.S. Bureau of Labor Statistics data, the report added the crypto industry is larger in employment terms than coffee and tea manufacturing, which directly employs 28,400 people, and cement manufacturing, which employs 15,300. By region, California had the most jobs at 57,600, followed by New York with 53,700, Texas with 26,500 and Washington state with 15,000.

A proposed amendment to the Clarity Act, a U.S. crypto-regulation bill under Senate review, is expected to include a provision barring federal public officials, including President Donald Trump, from issuing or sponsoring cryptocurrencies, CNBC reported. Republicans released the amendment on July 22, according to the report. The bill is seen as the first major U.S. legislation to comprehensively regulate digital assets. An amendment obtained by CNBC also includes a provision restricting the president from profiting from cryptocurrencies. CoinNess had earlier reported that the White House and Republican lawmakers had reached agreement on the bill's ethics provisions.

Grayscale Head of Research Zach Pandl said Bitcoin may have already passed its bottom if the Federal Reserve does not deliver additional rate hikes and economic growth remains solid. In a report published today titled 'Bitcoin: 4-year cycle or macro asset?', Pandl said market participants generally hold two views on Bitcoin’s bear market: the “four-year cycle” theory and the view that Bitcoin is a macro asset affected by changes in the broader economic environment. Under the four-year cycle view, Bitcoin could face further downside, with its average cumulative drawdown at around 80% and a bottom potentially forming in September or October. Grayscale, however, sees Bitcoin as a more mature asset that is now influenced by macroeconomic conditions like most major assets. From that perspective, Pandl said Bitcoin may have already bottomed if the Fed refrains from further rate hikes and the economy keeps growing.

Bloomberg ETF analyst Eric Balchunas said Bitcoin is likely to rebound if early holders, or OGs, refrain from selling. In a post on X, Balchunas said OGs had weighed on Bitcoin’s price gains over the past nine months, while BTC has risen 8% since July 4 and has outperformed other major assets. He added that spot ETFs saw $750 million in net inflows over the past week. Balchunas said it is hard to believe this rally is a "real rebound," but also hard to imagine Bitcoin never rebounding at some point, adding that the market will ultimately need to wait and see.